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The OP addresses the difference in China vs America debt.
Yes, but she fails to address the reasons for those differences. Reasons that arise from completely different political systems.
China absolutely needs to succeed economically, because otherwise the whole country will go down with it's single leadership. USA does not need to succeed in similar fashion. Political losses that possible economic disasters could bring (and have brought in past), are limited to current (or few subsequent) administrations. In China it's all or nothing, politically.
"Household debt in the U.S. is also high by historical standards, representing 78.7% of GDP, compared to 48.4% in China."
On that detail alone, she fails to note that in USA households do not only buy property and appliances, but also the land that their properties sit on. In China nobody buys land, as it is owned by state and rural collectives, and only leased temporarily.
The structure of household ownership is therefore very difrerent, which converts to different cost and debt structure.
Owning your home, and not just the roof over your head, is more valuable to most Americans than for most Chinese. Such values come with a century of growth, and not just two decades.