Corporate debt at Chinese companies surged to a record high by the end of 2013, Reuters reported, citing estimates from Standard & Poor’s. Chinese non-financial companies held total outstanding bank borrowing and bond debt of about US$12 trillion (RMB73.5 trillion) at the end of last year – equal to over 120% of GDP. Growth in Chinese company debt has been unprecedented. A Thomson Reuters analysis of 945 listed medium and large non-financial firms showed total debt soared by more than 260%, from US$298.4 billion in December 2008 to US$777.3 billion by September 2013.
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