“By Shih’s count, China’s debt may reach 39.838 trillion yuan ($5.8 trillion) next year. His forecast for debt-to-GDP compares with an International Monetary Fund estimate for China of 22 percent this year, which excludes local-government liabilities. The IMF sees Spain at 69.6 percent, the U.S. at 94 percent, Greece at 115 percent and Japan at 227 percent.” Read more.

“China’s Hidden Debt Risks 2012 Crisis, Northewestern’s Shih Says”
Bloomberg News, March 2, 2010.