Your post and jealous Indian's are irrelevant(literally), simply because the largest holder's of China's debts- are the Chinese households themselves.
Question: Ultimately, where does the all capital in the banks that businesses borrow money from- come from at its very root base?
Answer: The savings account of the ordinary Chinese citizen and Overseas Chinese.
I repeat:
The reason why Western(and jealous Indian) naysayers, with their own credit culture- are always endlessly, hopelessly and erroneously predicting the burst of the Chinese 'debt bubble' is because they fail to grasp this single profound logic- that the largest holders of China's debts are the Chinese people themselves.