A newly released report and book on the Chinese economy has revealed the severity of China’s debt problem.
The International Monetary Fund (IMF) released its once-in-five-years assessment of financial stability around the world on Dec. 6. The report on China detailed the severity of its debt, which—tallied between central and local government, corporate, and household—amounted to 2.55 times GDP (Gross Domestic Product). This is a significant increase from the previous report, which recorded debt at 1.8 times the GDP.
