While we fret about government debt at 45 per cent of GDP, China, following years of economic stimulus, was sitting on $US40 trillion ($61 trillion) of debt at the beginning of 2019; more than 300 per cent of GDP. It's now back on the rise.
Each time Beijing tries to rein in the debt, the economy gets the wobbles and the stimulus is turned back on. It's a vicious cycle.
Last year's trade war with the US was the reason the cash spigots were opened. This year, it is coronavirus.
