China's bank debts will bite

It’s a fallacy to say China doesn't have to worry about rising bad debts in its banking sector. And the PBoC's large reserves don't reduce the concern.

Five or six years ago, a few sceptics first started pointing out that the credit dynamics underlying Chinese growth was creating an unsustainable increase in debt. This, they warned, would ultimately undermine the banking system and cause growth to collapse if it were not addressed in time.

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