Hair-on-fire-headline in Destination: Freedom. China Railway Debt Reaches $US 640bn. "China Railway Corporation (CRC) has almost twice as much debt as the Greek government, according to an external audit of the company’s first quarter results, which reveals total debts reached Yuan 4.14 trillion ($US 640bn) at the end of March, a 10.4% year-on-year increase." Yes, and if that borrowing is generating assets, such as sufficient freight train capacity to preclude days-long traffic jams, those might be yuan well borrowed.
For contrast, U. S. railroads spend less than $10 billion a year on capital improvements, but the freight railroad main lines are in a state of good repair.