DEUTSCHE_BANK12月9日报告，47页。
  　China has seen a significant jump in the debt-to-GDP ratio after the GFC in 2008.We are not particularly worried about the headline debt ratio and think it may rise further in the coming years，considering 1）China enjoys higher-than-GDP deposit growth thanks to persistent trade surplus and a very high savings rate，and 2）credits（instead of equity）have been the dominating financing channel.Other Asian economies（Japan and Korea）have seen a similar fast debt pile-up historically when they run at high savings rates.