I think the relevant figures here would be how much of each countries' banks' balance sheets are de facto liabilities to the state. I can buy that Chinese banks incur more liability for their government than Indian banks do for theirs; I don't buy the idea that China is 100% liable for its banks' balance sheets while India is 0% liable for its banks' balance sheets.
AFAIK, ICBC is China's largest bank, and it's main purpose is to finance government construction and keep the debt off China's balance sheet.
Such a bank does not exist in the US or any major EU countries. They issue bonds and keep the debts on their balance sheets.
I'm skeptical India has any such equivalent.
The same is true for all the major banks in China. The main difference in China is that - since the bank is an extension of the state - the state directly decides who does and very importantly WHO DOES NOT get funding.
The companies that do get funding are often times GSEs. This is federal debt... Pretending otherwise is pedantic.
Sure, I'm with you - count Fannie Mae's and Freddie Mac's debts as the US Federal Government's debt.
India and almost every other country don't have any equivalents.
"That's a chain of office you are wearing; may I see it? Why Richard, it profits a man nothing to give his soul for the whole world ... but for Wales?"
