Yes, China is worried- they own the national govt paper a part of their currency reserves
US Plays Down European Crisis but China Worried
The United States suggested Europe’s debt crisis would have minimal impact on global growth, but China took a more pessimistic view, warning it would impact demand for its exports and other regions would suffer too.
Michael Pettis, Don’t misread the trade implications of the euro crisis for China
Andy Xie, Steering Out of a Smash-Up No One Wants