Credit growth in China reached $5 trillion in 2020, up over 35%yoy—faster than nominal GDP growth; Corporate defaults have risen sharply in recent years, reaching $14bn in 2020 despite relief in Q2/Q3 from forbearance; China’s general gov’t debt at 45% of GDP is well below the global average—but adding local gov’t debt brings it to 92%; China’s overseas investment and lending has slowed in recent years, dropping sharply in 2020 amid the pandemic