A report from the Institute of International Finance (IIF) has shown rising debt levels worldwide. The world’s second-largest economy China’s debt exceeded 303 percent of gross domestic product in the first quarter of the year.

Data showed the country’s total corporate, household and government debt rose from 297 percent in the same period a year earlier.

“While authorities’ efforts to curb shadow bank lending (particularly to smaller companies) have prompted a cutback in non-financial corporate debt, net borrowing in other sectors has brought China’s total debt to over $40 trillion – some 15 percent of all global debt,” said the report. (RT)