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In 2007, Fitch reckons, it took 1.28 yuan of extra financing to produce an additional yuan of GDP.
In the six years before the financial crisis, each yuan of new credit resulted in about five yuan of economic output.
But taxes and fees now eat up about 4,000 yuan of that income.
In the six years since the crisis, each yuan of credit has yielded three of output.
Some reports say 2 trillion yuan of local-authority loans have gone sour.
They had also guaranteed several trillion yuan of debt explicitly and another 4.3 trillion implicitly.
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As Li Yuan of the Wall Street Journal points out, early reviews of the Shanghai bow are grudgingly positive.
This week Lai Shin-yuan, of Taiwan's advisory Mainland Affairs Council, said she had urged Mr Chen in a closed-door meeting to remove China's military threat.
Christina Yuan, the daughter of Joan Reynolds Yuan and Albert Yuan of Glenside, Pa., was married yesterday in Villanova, Pa., to Dr. Ali Kemal Ozturk, the son of Dr. Gungor Eroglu of Istanbul and Kemal Ozturk of Ankara, Turkey.
"Chen Shui-bian's persistence in pursuing this provocative referendum shows that he is absolutely dead set in going down the road of independence," Col. Luo Yuan of the Chinese Academy of Military Sciences wrote.
"Chen has reached the mainland's bottom line on the Taiwan question," said Col. Luo Yuan of the Chinese Academy of Military Sciences, referring to Taiwan's president, Chen Shui-bian.
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