COULD CHINA BE THE NEXT GREECE? “The Chinese government, which just produced its first national audit of local finances, announced this week that local governments could owe as much as 30% of China’s GDP. That’s a good deal more than the government’s official debt load of less than 20% of GDP. And some analysts are putting China’s real debt levels at three to four times those levels.”

Financial transparency hasn’t been a hallmark of the regime.