[cnnsucks]

>> I am not an economist but I suspect China's debt might not be such a big problem....until it is

I'm not an economist either, but I have a working memory, and I can remember being warned about Chinese debt in the early aughts. The debt has grown, weathered a global 'great' recession and the warnings continue...

The Chinese bubble is still being inflated. Chinese debt won't matter until that bubble pops. There is no evidence that the bubble is about to pop; GDP growth has been north of 6% since Clinton's first term and that rate of growth has, if anything, become more stable recently. There is still plenty of Western industry that is ripe for evacuation to Asia, and China -- for all it's changes and growth -- is still appealing for this purpose; they've kept their regulatory apparatus at bay and there are still another 500-ish million Chinese peasants to keep wages in check.

It's still too early for the inevitable snap back. It will happen, but there is some time yet.