Sizing up the threat of China’s debt pile

If things do go pear-shaped in China, it’s likely to result in a more severe downturn than that experienced by the US in the wake of the financial crisis.

I have deliberately refrained from commenting on whether China’s economy faces a debt crisis for two somewhat opposed reasons. Firstly, I don’t trust China’s data. Secondly, I do -- in a sense -- trust China’s leadership.

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