BY DIANE FRANCIS, OPINION CONTRIBUTOR – 08/29/22 10:30 AM ET The Hill
THE VIEWS EXPRESSED BY CONTRIBUTORS ARE THEIR OWN AND NOT THE VIEW OF THE HILL

Russia’s terrible war generates headlines, but China’s growing debt crisis is mostly ignored. And yet, it will have profound negative effects on the global economy. In just three generations, Beijing built a middle class bigger than America’s entire population. But now Chinese many face ruination. China’s domestic real estate bubble, due to deregulation, is so gargantuan that much of its middle class has been damaged.

“China’s debt bomb looks ready to explode and many warning signs suggest that a debt reckoning is imminent,” warns Nikkei Asia.

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