Here down under in Australia, back in the 80's we had a high flying individual who managed to run up extreme debt levels only to end up owing billions as a failed bankrupt.

But during his time he did manage to coin a phrase that went, "If you owe the bank a million dollars you have a problem, however if you owe the bank a billion dollars then the bank has a problem".

I suspect in this instance China will turn out to be that bank.