Many commentators say China’s economy is turning into a Frankenstein monster: “It’s a giant and powerful creature born of unorthodox experiments, and its makers are increasingly losing control,” said Bloomberg. One could say the same about the US and European economies, and the new leaders’ pro-capitalist policies do not offer a solution. But the explosion of debt throughout the Chinese economy since the onset of the global capitalist crisis, starting with the regime’s 2008 stimulus package, is unprecedented for any large economy. Overall credit jumped from US$9 trillion to US$23 trillion in 2008-12. “They have replicated the entire US commercial banking system in five years,” says Fitch’s senior director in Beijing, Charlene Chu.