China has different system than the west. There are 2 major problems most folks ignore.
Banks are the puppets of the China's government. If the government asks
you to forget the loans (in some ways such as buying the securities of
the falling corporations), the bank has to do it.
2. If SOEs, State
Owned Enterprise, fails, China will suffer. Many SOEs perform far better
than expected by experts 20 or so years ago.