On the one hand, talk about Chinese bond market blowing up are at least 8 years old at this point. On the other hand, combined with slowing growth, this might be a catalyst for some broader debt crisis [0]. US corporate borrowing is also ATH [1] and even for consumer debt we are currently at the highest autoloan delinquency rate ever [2].
[0] https://chinapower.csis.org/china-face-looming-debt-crisis/
[1] https://www.wsj.com/articles/corporate-debt-is-reaching-reco...
[2] http://fortune.com/2019/02/12/americans-late-on-car-payments...