What if you sign the contract but don't perform it?
If the contract has been signed but not performed, and the contract has come into effect, the parties may urge the other party to perform it in time within a reasonable period of time; If the other party fails to perform within the time limit, the parties may require the other party to bear the liabilities for breach of contract such as continuing to perform, taking remedial measures or compensating for losses.
To sum up, as long as there is no real creditor-debtor relationship, but a forged IOU, such "debt" has no legal effect. If the other party asks for debts with such "IOUs", it can ask the other party to show real evidence, such as bank transfer receipts, goods receipt forms, and the presence of witnesses.
Legal basis:
People's Republic of China (PRC) Civil Procedure Law
Article 79
The parties may apply to the people's court for an appraisal on the specialized issue of finding out the facts. If the parties apply for appraisal, the qualified appraisers shall be determined by both parties through consultation; If negotiation fails, it shall be designated by the people's court.
If the parties concerned do not apply for identification, and the people's court considers it necessary to identify specialized issues, it shall entrust a qualified appraiser for identification.
Article 80 of the Civil Procedure Law of People's Republic of China (PRC)
The appraiser has the right to know the case materials needed for the appraisal, and may ask the parties and witnesses when necessary.
The appraiser shall put forward written appraisal opinions and sign or seal the appraisal book.
Contract law of the people's Republic of China
Article 197
A loan contract shall be in written form, unless otherwise agreed between natural persons.
The contents of the loan contract include the loan type, currency, purpose, amount, interest rate, term and repayment method.