China's debt -
April 25 – New York Times (Keith Bradsher): “In China, it’s all about whom you owe. That precise question — who owes what to whom? — shook the Chinese industrial town of Zouping in recent weeks. Some businesses closed. City officials engineered a desperate corporate takeover. An executive was detained by the police. The problem: Local companies had agreed to guarantee hundreds of millions of dollars of one another’s loans. When some of those loans went bad, the impact rippled across the city. Zouping’s plight offers a sobering example of the problems that could lurk within China’s vast and murky debt load. A nearly decade-long Chinese lending spree drove growth but burdened the economy with one of the world’s heaviest debt loads, equal to $21,600 worth of bank loans, bonds and other obligations for every man, woman and child in the country. Debt in China has expanded twice as fast as the overall economy since 2008.”