The reference to China “pricking the credit bubble” and refusing to prolong the day of reckoning sounds contradictory to the later reference to a possible “massive expansion of credit.”
I think they are referring to a credit expansion (bubble) that has already happened in China, not the future fix. I am like many on this thread who do not fully understand this article since it it is written poorly and jumps around alot, but if you assign "past tense" to the credit expansion, it helps a lot.