The debt wont matter when your economy is strong nobody wprries about it.
Once your econlmy is weak everyone statt noyicing your debt.
In 2012 everyday analyst talk about Greece and the Euro debt crisis. By 2019 the debt got bigger but nobody talked about it becaause economy recovered.
Similarly in 2009 people say US debt situation out of control even minicipal debt also in crisis. Today the debt is even bigger but investors happily pour money into US becasue economy is strong.
China can delay serious effects of high debts quite easily since the debt is internal and mostly in RMB. China's real problem is slowing economic growth from 10% to 8% to 5% before it reach develop country per capita GDP. Of course there are other problems like ageing population and dependence on exports. Alot of structural issues emerge from misallocation to property they have to find anothe sector to replace this but is difficult as size is large.
I expect the HK side to recover first as it is better managed.
When the China economy start rolling along few people will worry about its debt problems...
Anyway you should listen by the commentary from the real expert Master Leong.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.