China's hidden $6 trillion debt pile is an 'iceberg' posing a 'titanic risk'

Off-balance-sheet debt in Chinese local governments has ballooned in recent years and could now be worth as much as 40 trillion yuan ($6 trillion).
According to analysts at S&P Global Ratings, this represents a "debt iceberg with titanic credit risks."
Rising debt levels in China are a major concern for the global economy, with fears that a wave of defaults could be imminent.China may be sitting on a hidden debt pile of as much as 40 trillion yuan ($6 trillion), concealed off-balance-sh