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Note that this is not their federal debt, they're talking about privately held debt.
When I was looking into this, I came across this article, which speculates that this type of high ratio of private debt to GDP is indicative of a financial buble. In particular, it draws comparisons of China right now to the US in 2008 and Japan during their crisis in the early 90's.
Yeah, there is no way that is sustainable. The question is how long can they keep blowing up the bubble before it pops. And what happens after.
China is repeating all the errors Japan committed in the -80s.
Which is funny since they hate the Japanese.
Yep we're in catch-up mode, at only about 100%....but steadily rising.