Chinese dollar debt

The outstanding amount of dollar bonds issued by Chinese entities has grown almost 20 times since the 2008-09 global financial crisis to just over half a trillion dollars, according to data from the Bank for International Settlements. Since September 2015, it has grown almost 50 percent.
China's dollar bonds are now almost a third of the emerging market total dollar issuance, up from a quarter in September 2015 and less than 5 percent before the Fed first began printing money in December 2008.
A fifth of China's dollar bonds mature within a year, according to BIS data. More than half are due in the next five, Thomson Reuters data show.
If U.S. borrowing costs start rising as a result of the Fed's exit from its unconventional monetary policy, that debt would have to be rolled over at higher costs, chipping away at the real economy in China.

Rates lower in the US than China.

Note the debts are time payments.  The firms should be dumping their  term debts today at first hint.  Instead they will wait until the last moment and jam the debt machine. I call that time  plotting.