The great hole of China

摘要

Of the many things that are worrying investors around the world, from tumbling oil prices to the spectre of recession and deflation in Europe, one of the most important, and least understood, is China's debt. For the past few years China has been on a borrowing binge. Its total debt-the sum of government, corporate and household borrowings-has soared by 100% of gdp since 2008, and is now 250% of gdp; a little less than wealthy nations, but far higher than any other emerging market (see page 71).