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China warned to rein in growing mountain of debt or risk triggering another global financial crisis
There are renewed calls for China to rein in its extraordinary mountain of debt or risk what Australia has been worried about for years — a "hard landing" for China's economy.The Bank for International Settlements warns China's debt load is far too heavy and, worse still, it is growing at an eye-watering pace. National Australia Bank (NAB) is nervous about China's ballooning debt. NAB chief economist Alan Oster said if the Chinese Government does not step in soon the world, and indeed Australia, will face another debt crisis within years. "I think everybody's on the hook," he said. The latest official global ... (full story)
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