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Alamak 都5千年了还早晚？

is a plan swap debt for lower interest rate. 
.straitstimes.com › asia › china-announces-10-trillion-yuan-plan-to-fix-local-govt-debt-keeps-powder-dry-for-possible-trade-war
China unveils $1.8 trillion plan to fix local govt debt; more action ...
Nov 9, 2024These moves, alongside existing initiatives, are aimed at reducing hidden local debt to 2.3 trillion yuan by 2028, and would save officials 600 billion yuan in interest repayments, he said.


and is spread over 5 years
thediplomat.com › 2024 › 11 › china-unveils-1-7-trillion-package-to-address-mounting-local-debt-woes
China Unveils $1.7 Trillion Package to Address Mounting Local Debt Woes ...
Nov 8, 2024China's Ministry of Finance has announced a five-year, 12 trillion yuan ($1.7 trillion) plan to address local government debt pressures through structured debt swaps, special-purpose bonds, and ...


https://global.chinadaily.com.cn/a/20211...7bf7d.html
By the end of 2020, local governments in China had 25.66 trillion yuan ($4.03 trillion) in outstanding debt.

If compared to the financial strength of local governments, their debt ratio stood at 93.6 percent, below the international standard of 100 percent to 120 percent, said vice-minister of finance Xu Hongcai.

By the end of last year, the outstanding debt of the Chinese government stood at 46.55 trillion yuan, putting its debt-to-GDP ratio at 45.8 percent, which is below the 60-percent prudential limit recognized by the international community.

The government debt-to-GDP ratio is also below the levels of major market economies and emerging market economies, Xu added.

Chn is not the worst. If collapse, all will collapse together.