Yes, they are finished. Indebted already as grotesk as the globalized developed just-in-time-world, on which their economy is depending.
China debt is not nearly as serious as USA or Europe debt, because debt in USA and Europe is to citizens in forms of pensions, medicine, and social security. Plus those citizens have much personal debt in credit cards and mortgages. China does not have many social programs, and many people save much money and have large savings, so if China collapses, they have enough to live on for a long time.