It won't help staving off impending debt crisis. Such a transformation won't happen overnight. I don't believe China has enough money to burn to hold debt crisis in check until it becomes a full consumer society, and generate enough earnings to pay down all debts accumulated along the way.
I agree that it will take time, thus they should start as soon as possible. But, it will be a debt crisis in any case.
Here are more vulnerable countries:
Exports of goods and services (% of GDP)
http://data.worldbank.org/indicator/NE.EXP.GNFS.ZS