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China's Government is low because the Local Governments(LG), who are bearers of major Government expenditures, are hiding its debt (hidden debt) under the "Corporations".  The Central Government is only responsible for the National Defense and interest rates.  After swapping the LG's hidden debt,  we should see debt under the Corporation reducing and the Central Government debt increasing by USD$1.4 Trillion,  The LG will save billions in interest rates as they swap the debts because the Corporate rates are higher.  Don't think the other fundamentals like total debts will change.  Nonetheless,  the liability of Corporations plus Financial sectors was USD126 trillion in 2019.  The USD1.4 Trillion debt swap is not a lot. To date,  China has injected about 7.5 Trillion yuan (USD$1 Trillion) into the economy.  The market did not react well to this stimulus.  More stimulus expected.