At 28billion USD ,China's debt levels have surged
As a proportion of GDP chinese debt accelerated moderately from the turn of the century. In 2007, it was 121% of GDP. Today it's more than twice that — 282%
China is about to get caught up in a death spiral of falling demand and mountains of debt which will mean a meltdown and a disaster for the rest of the world. The Caixin Purchasing Managers Index for manufacturing, which measures economic activity, came in at 48.2. Anything below 50 signals contraction and last week's reading marks the 10th straight month China's industry has shrunk.
These charts from Businessinsider shows 3 reasons why global markets are panicking .China's total debt is now about $28 trillion, larger than that of the United States or Germany,