Here's looking at you, debt

Of all the credit bubbles in all the economies in all the world, Xi walks into mine.

If she can escape the stilted conference rooms long enough during her visit this week to Beijing, U.S. Commerce Secretary Gina Raimondo would be able to witness a classic credit crisis unfolding.

The latest symptom is that China’s small- and mid-sized enterprises, the key employers in any economy, are suffering the knock-on effects of the country’s prop…