Is China Bankrupt?

Interesting- not what you normally hear... should we really be surprised if China cooks their books? I mean, what are you going to do, file a request under the Freedom of Information Act?
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Is China actually bankrupt?

The nation has erected a complex system for magically making its debts disappear, but a look up China's sleeve shows that its IOUs may equal its GDP.

By Jim Jubak
Is China broke?
All governments lie about their finances. At worst, as in Greece and the United States, the lies are bold and transparent. Everybody knows the emperor has no clothes, but no one wants to say so. At best, as in Canada and China, the lies are more subtle -- more like a magician's misdirection than a viking raider's ax. Look at these great numbers, the lie goes, but don't look at those up my sleeve.

There's a good argument to be made that if you look at all the numbers, instead of just the ones the budget magicians want you to see, China is indeed broke.

http://articles.moneycentral.msn.com/Investing/JubaksJournal/is-china-actually-bankrupt.aspx