China’s debt pile is huge and – more worryingly – growing fast. And credit isn’t delivering the same kind of economic boost it once did. But most debt is in local hands in a largely closed financial system, giving China’s leaders some breathing space to fix the mess. And that’s good for the global economy. The debt landscape China’s total debt is now about two and a half times the size of its economy. It takes almost a third of gross domestic product just to service it. Corporations are by far the biggest debtors, especially state-owned enterprises. While China’s total debt doesn’t look so scary when compared with ... (full story)