Danielle Park says that it’s hard to believe, but at least 25% of China’s bank debt is worthless. Worse still, if there’s a systemic crash, it could go a lot higher. However, no one seems to be very concerned about it. After all, the cure for bad debt is faster economic growth, but that’s not happening either. Growth rates have plunged and could even be approaching negative territory. What’s a poor central planner to do?