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The debt attached to the average Chinese company (all major companies are 60% owned by the State) is absolutely staggering. And if they do manage to pay their debt then corruption takes care of any profit.

Meh. You need to be careful whenever dealing with trade statistics with China. Trade statistics only show the value of the goods exchanged - they dont show who ultimately gets the economic benefit of the transaction. For example, Mattel manufactures Barbie dolls in China and sells them...