China's debt-to-GDP ratio increased from 178% in the first quarter of 2010 to 275% in the first quarter of 2020.[1] China's debt-to-GDP ratio approached 335% in the second and third quarters of 2020.[2] Ryan Hass at the Brookings said, "China is running out of productive places to invest in infrastructure, and rising debt levels will further complicate its growth path."[3]