Fitch Ratings comments on China:
(bolding is mine):
- China's credit/GDP ratio is one of the highest among larger economies
- Yet credit growth continues to outstrip real GDP growth, which is slowing
- The interest-cost burden of servicing the debt has risen to an equivalent of around 15% of GDP, exceeding nominal GDP growth, which has fallen to below 10%
- Interest-rate liberalisation leading to higher funding costs will add to this burden, adding further to China's debt sustainability issues
- Due to the rapid rise in leverage and widespread use of real estate collateral since 2008, Fitch believes a steep fall in property prices could lead to a credit crunch and force deleveraging by corporate borrowers with a compounded negative effect for banks and the real economy
Nothing of surprise in the comments, but not a bad reminder of a China risk worth bearing in mind.