Yes, valid points there. The situation is complex. Economies today are such that they would avoid a war to prevent a cold. China is also avoiding confrontation... for now.
As for foreign debt, does their holding of over a trillion dollars in foreign exchange help them?
It helps them by giving them capital to develop their economy. Their foreign debt is about $250 billion and their official reserves are around $625 billion in foreign exchange, SDRs, IMF, and gold at market prices.