Day to day discussions on S/P, page-8399

China’s total credit growth averaged a rate of about 20 percent per year between 2009 and 2015. In particular, China’s high level of corporate debt is worrisome. Chinese corporate leverage – the ratio of debt to equity – has steadily risensince the financial crisis, indicating that Chinese firms are increasingly using loans to finance assets and taking on increased risk.

Moody’s officials stated that China’s structural reforms may “slow the pace of debt build-up but will not be enough to arrest it” and warned of another rating downgrade if Chinese credit is not kept in check. In August 2017, the National Development and Reform Commission stated that it has seen “initial results in lowering corporate leverage and debt risks have been effectively controlled,” but that leverage ratios for non-financial Chinese firms are still excessively high and that China must “firmly adhere to the direction of deleveraging.” However, structural reforms aimed at lowering debt levels may be temporarily set aside as a result of the ongoing trade dispute with the US.

https://chinapower.csis.org/china-face-looming-debt-crisis/

You should also read about the RBA concerns on the threat to the Australian economy from a slowing China.

https://www.ft.com/content/d2f0b4fe-2b31-11e9-a5ab-ff8ef2b976c7