China's Own Mind the Gap - Bloomberg Gadfly
...Both before the 2008-09 financial crisis and after it, when China's nominal GDP expanded by 18 percent or more, the country's non-financial corporate sector was able to garner revenue growth that matched or exceeded the pace of value addition in the overall economy. ...
Companies that can't grow faster than the economy are always problematic. But if, like in China, they also happen to be servicing a whole lot of debt, then investors have an even stronger reason to mind the gap.
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