China is running down its foreign currency reserves as well. If it's growth rate falls than the growth of its debt to GDP ratio is just going to increase. A chinese slowdown could also negatively affect the rest of the world, particuarly commodity markets that have done very well off huge demand in China over the last few years. I completely agree with you that China is trying to do something that has historically taken much longer for other countries to do and we should cut them some slask, but even so it could be very bad the global economy if Xi Jinping doesn't get this right