China's economic trajectory, once a beacon of global growth, now faces scrutiny as its debt skyrockets. In the aftermath of the global financial crisis, state-owned enterprises devoured credit, fueling a debt mountain. This is a clear threat to China's stability and the world's economic health as the chinese central bank started the new liquidity cycle months ago to counter recession.
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The debt's piling up, as are the malinvestments that debt financed.