China is not impossibly indebted, considering it has $3.5 trillion in currency reserves. JPMorgan reckons its debt-to-gross-domestic-product ratio rose to 187 percent in 2012 from 105 percent in 2000, compared with Japan’s increase to 176 percent in 1990 from 127 percent in 1980. Japan’s has exploded since then and could approach 250 percent of GDP next year. That would mark a jump of 10 percent from 2012 alone in a fast-aging nation that’s losing global competitiveness.
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