China's debt-to-GDP is "unsustainable," say Nomura chief economist.

I came across this article today: Australia warned of future China crisis double whammy

I don't think China's debt is already at unsustainable levels. But I do think the make-up poses a huge risk. Further research uncovered lots of good recent articles on the topic. Here they are ... and why I think they matter:

With 1) the potential for Chinese inflation to increase in an environment of perpetual global monetary stimulus and renewed capital inflows, plus 2) the potential Cyrpus will spark a downshift in eurozone growth expectations and a crisis in confidence, China's financial system and debt could quickly become an issue that influences financial markets at a very inopportune time.

-JR Crooks