“‘The compounded annual growth of bank assets as measured by the China Banking Regulatory Commission has been 30.8%,’ Bass wrote. ‘To give some perspective, a 30.8% compounded annual growth of credit in the U.S. equivalent over 5 years would be an expansion of $33 trillion. This rate of credit growth is three times the total credit system growth experienced in the U.S. at the peak of the bubble in 2006… The debt-to-equity ratios of Chinese companies are exploding as they funnel new capital, not into yield returning investments, but into the black holes on their balance sheets that have been created by a slowing growth environment.'”

http://www.businessinsider.com/bass-calls-china-downturn-on-credit-fear-2013-7

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