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Since the mid-2000s, Chinese corporate debt has risen sharply as a proportion of gross domestic product (GDP)—from around 100 per cent to over 150 per cent in 2014. By comparison, this ratio is 67 per cent in the United States and 103 per cent in Japan.2 Historically, the ratio of debt to income has often been considered a useful indicator for assessing the risk of future banking crises (Borio and Lowe 2002; Drehmann and Juselius 2013). The rapid build-up of debt in China has therefore been increasingly flagged as a risk to financial and macroeconomic stability (Walter and Howie 2011; Pettis 2013).

Changing Patterns of Corporate Leverage in China: Evidence from listed companies