I agree that the biggest problem of China is the local governments debt,not Evergrande.
However,I think that the central government of China and the PBOC have enough reserves to support the local governments to pay their debts,at least for a while.The reserves aren't that big,the huge crisis with come,when China runs out of it's foreign currency reserves.AFAIK,China owns lots of US government bonds.
They could sell the US bonds and get some cash in order to pay off the debts of the provinces.
The economic growth of China seems like a bubble that will pop some day.I'm sure that the new Great Depression will begin from China,not from the USA.
His way of seeing it pleases me and has a great point, sometimes I think that everything lies in the simple fact that in China they do not accept the fact that a hegemony of the dollar is still maintained, since the Second World War, this has been dominating, And from anywhere in the world, even if a currency has much value even more than the dollar, people prefer to have dollars even though if we compare it with the EUR it has less value, but it is what finance, business, everything prefer in Based on the dollar, I think for that reason it is the heart of everything, it may not be the corresponding reason, but it has a great weight.