At present, China’s non-financial debt is 210% of its GDP. When Japan’s economy collapsed in 1992, its ratio was 210%, and when Spain collapsed less than a decade ago, their non-financial debt-to-GDP ratio was 215%. While shrinking the ratio is easy, doing so without slowing economic growth is impossible. Thus, each time China attempts to do it, growth weakens and China backs down. This ballooning debt is a huge concern.