For years, a wispy, gossamer dream has been spun by economists working for Wall Street investment banks about how China has managed the impossible: high growth with a very low debt-to-GDP ratio. The dream has been so aggressively sold that almost everybody believes it, including editors of this newspaper who have written glowingly about China&rsquo;s growth, how far ahead it is of India, how India should give up this race once and for all and so on.

Shankar Sharma

Shankar Sharma

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Shankar Sharma & Devina Mehra: China's $22 trillion time-bomb