From Tyler Durden at zerohedge.com:
It’s almost difficult to believe, but just 8 years ago, in 2007 and right before the world was swept in the worst financial crisis in history, China had only $7.4 trillion in debt, or 158% in consolidated debt/GDP. Since then this debt has risen to over $30 trillion (specifically $28.2 trillion as of Q2, 2014) representing a staggering 300% debt/GDP.
Here is the summary breakdown from McKinsey.
This means that China was responsible for more than a third of all the $57 trillion debt created since 2007, making a mockery of the QE unleashed by all the DM central banks – something we first noted about two years before the famous McKinsey report went to print.
To continue reading: The Ghost Cities Finally Died