China's debt/GDP ratio of 20-30% isn't as attractive as it looks, writes Patrick Chovanec. Toss in contingent liabilities for the banks, local governments, and things like the railway system, and even optimists put the number at 90%. Pessimists put it at 200% or higher, Greek territory. Remember, Irish government finances were the envy of the world until its real estate boom went bust. In any case, "China's fiscal resources are not as limitless as they seem."