[marcosdumay]

> and very dependent on exports to avoid catastrophe

Domestic debt (in the country's own currency) behaves differently from foreign debt.

Domestic one is the kind that is actually never paid out, unless the government does something very stupid.

China has other kinds of problems, and the article has the same kind of simplistic mercantilist view of the world that journalists seem very adept to and that the current US government is applying. So, while there are stuff to be said about them, you won't get anything of value here.