China debts are mainly internal debts. It's external debts still remain stable. It's export still hugely outweighs its imports. Whereas, the Greek financial problems are it's huge external debts. So the comparison is misleading. Likewise, Singapore also has huge total debt. However, the debts are mainly owing to internal (it's own citizen) thus it's not a problem. China current economic problem is deflation. Citizen and businesses are too cautious and unwilling to spend. The citizen keep their deposits in bank instead of spending to stimulate the local demand. Likewise, the business are using the additional funds to repay debts instead of reinvestment.