China’s Bank Debt Crisis Getting Worse

  Analysts have been predicting for some time that China’s rise to the world’s premiere economic power was just around the corner. Thge country’s official growth rate is still impressive but it has been slowing. Now the country is tangled in another problem that could slow its growth even further. Banks in the country are facing an approximately $300 billion in debts that are unlikely to ever be paid. The number is effectively large enough to force Beijing to do something drastic about the problem. The last time the country faced such an issue was far too recently. Between 1998…