Three Things are Happening.  

1) Short-term government obligations (LGFVs) are being securitized into long-term securities through the nascent fixed income market and will be bought by state pension funds. (This is QE purchases of STATE DEBT because state funds will buy long term government debt).

2) CINDA has been funded to buy risky assets through Ministry of Finance bonds. (and there are 3 more AMCs up and running. This is QE purchases of RISKY DEBT.

3) China is now explicitly and aggressively moving to internationalize its debt obligations and buying international (non-financial) assets.