In the No China, no deal link, see chart "Debt composition of developing countries by creditor" Notice the Bondholders portion. The MDB portion. The Other private creditors portion. The Paris Club portion.
The US-led World Bank and EU-led International Monetary Fund want (demand) China to forgive its BRI-related debts and to cancel most of its BRI-related projects. China is responding it is willing to share debt relief with the other debtors. The WB/IMF, under the hidden-hand direction of US Secretary of Treasury Janet Yellen, are saying we've never done it that way and besides it would reduce the obscene profits of MDBs BlackRock, JP Morgan Chase, etc.
China's principled position on debt relief promises to undo the US/EU rentier relationship with developing countries.