China's True GDP: Who Cares?
"China and the US compile their GDP data implicitly in very different ways, among the most notable of which is the way Chinese lenders, banks as well as households, treat a substantial portion of the debt as if it were implicitly or explicitly guaranteed by central or local government agencies. This means investment losses don't show up as losses (expenses), because it is politically difficult to do so, and are instead rolled over and so show up as assets."