China’s debt interest costs are soaring above U.S. levels and growing faster than any other budget category as Beijing struggles to prop up growth

(Credit: SAUL LOEB—AFP/Getty Images)

The world is flooded with debt, but while the U.S. and Europe have caused angst on global markets lately, China’s fiscal situation isn’t looking so great either.

In fact, China’s debt has shot up so much in recent years that interest payments on all its borrowing are commanding a bigger share of public spending.