FT: "China’s growing debt pile is constraining the government’s fiscal capacity for sweeping new stimulus to revive flagging domestic demand and strengthen economic growth, studies of state finances show."

Although you probably wouldn't know this from reading the Chinese or foreign press, China probably has the worst debt dynamics of any major economy today. Its debt-to-GDP ratio is the second highest (after Japan) and is the fastest growing in history.
https://t.co/9vuvKmOe6G via @ft