China is (officially) growing at ~7% per year right now, so adding $700 billion to their debt pile barely changes the debt/GDP ratio, it might even still fall but I'd have to check the exact figures.
The official reported rate is less than 7%, the actual rate is probably 5-6%. But the problem is the growth of debt, not its absolute value. They most definitely have to hit the brake on growth sometime soon, or they are screwed. Even the Chinese governmebt states this, we are only debating the consequences of hitting the brakes, not whether it will happen or not.
