It is going to be an epic writedown of bad debt, and revaluation of of their currency. The working people are going to have their net worth halved.
Domestically, they can fudge the numbers, and continue to print their Monopoly money, but in dollar terms, the reckoning is approaching.
It is going to be Epic.
The best cure for them would be to throw off the Communist Party rule.
Could it actually lead to a resurgence of Maoism?