What to Do With China's 'Little Greeces'

China can’t afford to be smug about the euro zone’s woes. Although the nation’s total debt comes to no more than 44 percent of GDP, China has some overextended regions of its own – Little Greeces. Hainan province, for example, has amassed debt close to 100 percent GDP. The new policy of allowing local governments to issue their own bonds may make the problem worse.