Last time I checked, China had 1 Trillion dollars in reserves. Chinese people is not living on credit cards, actually quite the opposite, they save a lot, even the little waitress at the cheap restaurant has a lot of savings. Every year, at spring festival, hundreds of millions of young chinese give their savings to their parents to keep, and those old people can save! I dont know where is the debt guys are talking about.
The US economy was badly hurt by household debt because household spending fuels the US economy, this is not the case for the Chinese economy. An 8x increase in corporate debt in China in the last 5 years means something in an economy driven by industrial production instead of individual consumption. I do not know exactly what it means but I suspect there is some grounds for believing it may not be entirely good.
Chinese households might be less inclined to take on debt, but they've still managed to rack up about 30+% of GDP worth, so they are working on it.
You can lose your savings from a bank default, this happened to some weak banks in the US. You go to withdraw your money it is not there.
You can lose your saving from currency devaluation. In order to pay off debt, a government can issue new currency (debt denominated in its own currency; in Eurozone countries they can only raise taxes and cut spending to pay off debt.) Your savings don't matter because there is so much more money. An old unit of currency is equal to new units.
If I was Chinese, I would not be too concerned as long as I did not have liabilities for my business or money deposited in a bad bank. If yes to either of these, you are at risk of losing everything.
China has $3 trillion in reserves, and it's completely meaningless when stacked against their rapidly expanding pile of debt. China is one of the most indebted nations, and to keep their GDP growth going they have to keep adding ever larger sums of debt. The amount of growth they get from $1 of capital has crashed the last six years. It's obvious how it's going to end: either in a very long period of dire stagnation, or crash.