China Is a Loan Shark With No Legs Left to Break

China spent the 1950s and 1960s courting the developing world. Only lately did it really start opening its wallet. This may be a “truly unprecedented moment,” said Scott Morris, a senior fellow at the Center for Global Development and former U.S. Treasury official. “I’m not sure there was ever a period of time, going back to the 1950s, where any government was as big as China is today in these debt dynamics.”