, Columnist
Global Growth Depends on China's Debt
Can China continue muddling through? The world should hope so.
Watch out.
Photographer: Daniele Fiasca/Mondadori PortfolioThis article is for subscribers only.
China's debt surge shows what's working for the global economy and what could go badly wrong.
Without the country's massive stimulus in 2008, one of the catalysts of the credit binge that's lately causing so much angst, the world would have taken much longer to recover from the financial crisis. And it's likely that the revival we're now witnessing would have been weaker, with less scope for future acceleration.