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provider Profile| Send Message| (250)    Mr. Zhang Ke is
worried. Mr. Zhang is the vice-chairman of China's accounting
association. He and his firm audit the books of Chinese local
governments. According to Mr. Zhang the debts of the local
governments are is "out of control" and could spark a bigger
financial crisis than the US housing market crash. In a way this
is not news. The only thing that is news is that a senior
Chinese figure is talking about it. But if China's debts are so
big, why doesn't it spark a panic?  Mr. Zhang's assessment of
the Chinese debt situation has a lot of company. The IMF and the
rating agencies have all flagged the issue. Recently Fitch cut
China's sovereign debt rating, the first such cut since 1999. A
rare downgrade in a world where many emerging markets are seeing
more optimistic outlooks.  China's debt problems have been
around since the recession of 1999. To avoid a recession in
2009, the Chinese government opened