Chinese credit financing might be lower than thought.

 China's record increase in lending, which has caused much concern, could be overstated partly because of double-counting, with the problem possibly accounting for 3.6T yuan ($587B) in outstanding credit out of 90T yuan as of April. The double-counting may have occurred because companies used money that they borrowed to re-lend to other firms. The theory stems from efforts to reconcile slowing growth with the increasing debt.