Yeah, that is part of their attempt to pay down that debt with more debt. The other part of the PRC's rapid debt accumulation effort has been their Belt and Road Initiative overseas.
Saw a statistic from this website today...https://worldpopulationreview.com/countries/china
China is losing 2.8M people per year while the US is gaining 1.6M. While the UK is gaining 380k, while Canada is gaining 330k. Only the countries where they crap on immigrants from the poor South do we see western countries in decline.