Can you give more details on why you think China's debt is a problem? I've been hearing about it for several years, but as far as I can tell from the numbers,

Can you give more details on why you think China's debt is a problem? I've been hearing about it for several years, but as far as I can tell from the numbers, it is about the same level as Japan (Japan's debt is 253% of GDP, China's is 260% of GDP), and Japan doesn't even look like it is beginning to fail. And China appears to be actively taking steps to curtail the debt.