As of May 26, 2010, the Total Public Debt Outstanding was 88.9% of GDP
As long as they can sustain their level of activity, and maintain the thrust in their economy, it will turn out ok. Most developped countries have such rates anyway.
"In May 2009, the US owed China $772 billion."
They owed about the same sum to Japan for years now... Anyway, that also makes China dependant of the US. No more US, no more money.
Everything you buy is made in china.
Yep. But how many things invented in China are we (the western world?) using? Please don't tell me the black powder. That was ages ago.
Well anyway, no one is going to contest China ain't a military and economic superpower. But it still lack a lot of maturity before it can pretend to the same level as the US. And if China achieve this maturity (mainly with a numerous, educated middle class and democracy), well they wont be able to pay the same wages to their workers, thus losing economic competivity. Well, that's how I see it anyway. As long as the two superpowers don't make me live in a fallout shelter, I guess I will be happy.