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That's a 2012 figure and doesn't include all the debt of their state owned corporations, a major instrument of govt policy in China. A better insight IMO can be gained here...

According to: http://www.nationaldebtclocks.org/debtclock/china China's debt to GDP ratio is circa 62% and from other sources that I can't be bothered finding now it is still growing fast as Chinese consumers are notorious savers so government has to do all the spending. It's an...