For all of the high debt issues, my opinion is that China has very high saving rate and equity financing is weak so financing tends to go to debt.Here are some food for thought for that kind of selective quote.
Imagine those debts, issued in RMB, are mostly held by state owned banks, which it is, like in high double digits. Now there should be some portion of them held by some commercial banks and foreigners, but not to a degree like those of policy banks. For simplicity sake, forget about LGFV's and bond quotas, and just ponder over the financing sources only. Think of them debts as perpetual bonds, or 100 year, or heck even 200 year bonds. Who cares, it's little brothers owing to the big brother, time scale is simply irrelevant. All you need to worry about is paying the interests only, which will go to state owned banks, which in turn will go to PBoC and ultimately to the government. Win win. The only thing you need to pay attention is all these money should go to productive infrastructures, or social programs that support current workforce, or upgrading human resources and technical skills, ie, preempting potential and future bottlenecks that would impede current and future productivity. Those kind of stuff usually doesn't come with a ROI of 15%. As long as the growth in those burrowed funds roughly falls in line with GDP growth rate, effectively nobody cares, and shouldn't care. Good times, stay steady and pay it back; bad times, do it a bit more to pick up the slack. Rinse and repeat. It can go on forever, as RMB is owned by China, and nobody else does.