Since the GFC of 2008 and as of Q2 2024, private sector debt accumulation relative to GDP has almost doubled to 204.5% for China. 

The only other situation comparable to this in recent times was Japan back in the 90s when it first began to turn into a zombie economy.

Meanwhile the U.S. has done comparatively well reducing its private debt to GDP by 24.9 points to 145.9%