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Japan lesson on China debt: extend, don't pretend

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Japan holds an important lesson for China. Like the People's Republic today, it battled with runaway debts in the early 1990s. The key is to tell banks whose loans are going bad: If you must, then extend - but don't pretend.

JAPAN holds an important lesson for China. Like the People's Republic today, it battled with runaway debts in the early 1990s. The key is to tell banks whose loans are going bad: If you must, then extend - but don't pretend.

The first part of that message is already being put into

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