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A man walks in the Central Business District on a rainy day, in Beijing, China, July 12, 2023.

REUTERS/Thomas Peter

China picks a debt whiz to run its finances

Beijing announced that Lan Fo’an, currently provincial party secretary in Shanxi, will succeed Liu Kun at the Ministry of Finance, signaling a commitment to tackling the country’s mounting debt problem. China’s debt-to-GDP ratio has reached 280%, most of it held by local governments who borrowed heavily to fund development projects.

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Explaining the long history of US debt (& which other countries are saddled with debt)
Explaining the long history of US debt (& which other countries are saddled with debt) | GZERO World

Explaining the long history of US debt (& which other countries are saddled with debt)

Sovereign debt is, simply put, the money a country owes to its creditors around the world. Ian Bremmer explains a few more fun facts about debt on GZERO World.

Good old Ben Franklin once quipped, “Rather go to bed without dinner than to rise in debt.” Well, America didn’t exactly heed that advice, because never in its history did the US hit the hay hungry. In fact, the nation ended the Revolutionary War years about $75 million in debt.

US debt hit the billions by the time the Civil War was over, and was at $22 billion after World War One.

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Paige Fusco, with image by DonkeyHotey

US debt hits record: Should you worry?

Earlier this week, US gross national debt hit a new high, clocking $31 trillion. Gasp! That’s almost twice what it was a decade ago, and debt is now equal to well over 100% of GDP, hovering at the highest levels since World War II.

Is steadily rising US debt a problem, or is the risk of a financial meltdown overblown? Here’s a quick guide to the debate over debt.

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The Graphic Truth: Who supports China’s Hong Kong law?

Many countries around the world — mostly democracies in the Americas, Asia, and Europe — have condemned China's recent move to implement a draconian new security law for Hong Kong that in effect ends the autonomy granted to the territory when it reverted from British control to Chinese rule in 1997. However, last week 52 countries expressed support for China's decision at the UN Human Rights Commission in Geneva. Most of these countries either owe China a lot of money or are relatively authoritarian regimes themselves — but not all of them. Here's a look at the China-debt exposure and freedom rankings of the countries that took Beijing's side on the new Hong Kong law.

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