I think it's unfair to assume China is a "junk based" economy....

I think it's unfair to assume China is a "junk based" economy. They're transitioning quickly into a service and tech goods economy with the middle class growing like crazy. Xi Jinping specifically stated he wanted to reduce pollution at the last National Party Congress, and it's well documented that the easiest way to get use out of your old coal fired power stations is by substituting LNG for coal.

I do agree that their debt issue is going to be massive.