Wrong. It's a spiral (after more than 3 consecutive years!) US, Mexico, Brazil, Greece have all gone through this and melted down. The US called it "the roaring 20's" which proceeded a great depression. Now, companies in the US rarely get to borrow to pay interest as they are generally liquidated by creditors or the profit generation is subsected from the death spiral. In this case, we see Chinese state sponsored industries affected.
First thing I did was divide 1.2 trillion by 1.357 billion (population of china). And then I lost interest in what the author had to say. The reality is the financial press has been predicting that China's financial policies will come a cropper _any day now_ for the last half dozen years.
Comparative numbers are irrelevant.