Minxin Pei is professor of government at Claremont McKenna College and a nonresident senior fellow of the German Marshall Fund of the United States.
Opinion
China's debt bomb looks ready to explode
Many warning signs suggesting that a debt reckoning is imminent
Demonstrators hold banners during a protest over the freezing of deposits by rural-based banks outside a People's Bank of China building in Zhengzhou, Henan Province, on July 10: The shuttered rural banks are minions in China's financial system. © Reuters
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