China's development finance has had plenty of the same problems, which is why loan volume has drastically dropped since the 2016 peak [1], China adopted debt sustainability criteria similar to those used by World Bank and IMF [2] and the chairman of China Development Bank was relieved of his post and arrested for corruption [3].

[1] https://www.bu.edu/gdp/2020/12/13/scope-and-findings-chinas-...

[2] https://www.scmp.com/news/china/diplomacy/article/3007714/ch...

[3] https://www.reuters.com/article/us-china-bank-idUSKBN2070PA