China’s debt has grown dramatically over the past decade and is one of the biggest economic challenges confronting the ruling Chinese Communist Party, which turns 100 this week.⁠ ⁠ Beijing identified the ballooning debt pile as a potential threat to economic stability, and in recent years tried to reduce the country’s reliance on debt for growth. But that deleveraging effort came to a pause for much of last year due to Covid-19.⁠ ⁠ A debt-fueled economic boom following the global financial crisi