This speaks for itself really. Corporate debt in China is now 165% of GDP. Every time I see a figure like this my question is, "What interest rate are the paying on that?" Say it's 10% APR. That would mean that 16.5% of the GDP of China is being spent on interest payments. The next question is "Who are they borrowing from?". That is, where is 16.5% of China's GDP going? We know it must be going to banks, but Chinese banks, American, European...?