Nowadays China is the fast-growing developing country, which GDP increases by an average 10 percent a year. According to World Bank, China is "the fastest sustained expansion by a major economy in history". By United Nations (UN) classification China belongs to developing countries, but Quartz reports, that UN doesn’t have an official definition of developing/developed countries. Usually, two main indicators used to distinguish developed countries from developing countries: GDP per Capita and sometimes Human Developing Index. Some economists determine the average level of GDP countries are developed: $25 Thousand. There is no level of HDI for developed countries, but an average is 0,88.
Today Chinese economy is a bubble in the price of bad assets, and there are risks for all: "Not only will you not make money, you will also lose money." In 4 Quarter 2016, total debt of China exceeded debt of the US, amounted more than 250%. Whereas government debt is comparable with other countries, corporate and household debt of China has risen sharply. And this is the reason to worry.
China's economic performance fell down after the crisis of 2008:
Chinese economy now:
Finally, why the world should be scared about China's growing debt? China is the second-largest world economy and world's trade engine. And it might be, that Chinese economy experienced the same economic shock like the US experienced of its credit bubble in 2008.
*The Reuters estimated a ratio of healthy companies by using Net Debt to EBITDA ratio