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Then there's the debt. China has a **massive amount of debt**, both public and private. While not all debt is bad, the sheer scale of it raises eyebrows. Much of this debt is tied to infrastructure projects and local government financing vehicles (LGFVs). If these projects don't generate the expected returns, or if the government can't keep up with the debt payments, it could lead to serious problems. Remember the 2008 financial crisis? Well, excessive debt played a huge role in that, and China's situation is giving some folks déjà vu.
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