At some point, China will have to deal with all the debt they have created. Currently they are ok, but eventually, the maintenance cost for all the infrastructure they created will have to be supported with something other than sales of land by government and re-issuing debt.
The infrastructure they are paying for in Asia/Africa is unsustainable by those local countries, so China government will have to assume those debts also.
With the combination of debt, interest rates, aging demographics, all of a sudden, China will start to have developed nation budget problems.
The next down cycle will be interesting, especially if investors lose faith in global government debt (like Italy)