A tale of two charts, page-8

Daytr
you could argue that, although there is also the spectre of zombie asset values ie not being written down for 20 yrs plus making it hard to improve debt/equity ratios for a prolonged period aswell.
Correct, that's all debt. However, with shadow banking being such a large portion of the debt, who knows what the real figure is. I note with interest, much of the collateral that's has been offered up for that debt, just simply doesn't exist eg metal warehouses in some parts of china are bare cupboards.