IMO its deceptive to judge China's Governments (National , State...

IMO its deceptive to judge China's Governments (National , State & Muni) debt
in comparisonnto that of the USA or Aus for that matter is because
33% of China's GDP is State owned capitalisn which means the value
of SOEs should be deducted from China's gross debt while both the USA
& Aus has very little SOEs (We sold ours & gold to defray debt in the 90s)

"In 2017 total assets of all China's SOEs, including those operating in the financial sector, reached US$78.08 trillion"
(source Wikipedia)

Since that that SOE asset value has grown by at least 10%.

This is a staggering amount of sovereign assets by global standards
which makes Chinese soverign debt insignificant, IMO.




So in summary, to use debt as a Chinese economic yardstick
is deceptive without factoring-in the $85 Trillion USD value
of China's SOEs. China's SOEs value dwarfs those considered
with high SOE ownership like Singapore, Saudi Arabia & Narway.