WSJ: "Last year, China’s credit to the nonfinancial sector—a broad measure of corporate, government and household borrowings—topped 300% of gross domestic product, 60 percentage points higher than at the end of 2019 and now far bigger than in the U.S.

As the article notes, this surge in debt is largely caused by Beijing's need to maintain investment at an extraordinarily high 40% of GDP if it is to achieve its politically-determined growth targets, even though a rising share of this investment is funding economically non-viable projects.
https://t.co/w5qO1lD4D3