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Japan's gray rhino: Towering debt that grows on reckless handouts

As China grapples with debt, another crisis brews silently next door

A "gray rhino," a term coined by American writer Michele Wucker, refers to a highly probably threat that nevertheless ends up ignored. (Source photos by Reuters)

TOKYO -- Four years ago, China's People's Daily published an unusual commentary on its front page.

We need to prevent both 'black swans' and 'gray rhinos,' it said.

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