Here are the charts from my previous blog entry, with countries labeled. China's debt load is not a significant outlier for its level of development when compared to the 47 countries in the McKinsey Global Institute debt report. China's 217% of GDP total debt to the real economy will not sink the financial system nor the economy. But, the 125% of GDP debt load on corporations will certainly remain a headwind on growth as firms divert resources to pay debt costs, and highly levered weak non-systemically important firms are in trouble (and many will fail).