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.
That's funny. Where ever people have 'much money and large savings', there are people that have much debt, because money is debt.
China went to 300 percent Debt/GDP within the greatest speed in the history of capitalism/collectivism. To avoid the economic collapse after the Lehman event, the chinese state terrorists did more QE than the Benbernank. They know that the guilloutines are ready for them as soon as the debt machine stops to grow at 20 and more percent annually.