China’s debt interest costs are soaring-and growing faster than any other major budget category

In fact, China’s debt has shot up so much in recent years that interest payments on all its borrowing are commanding a bigger share of public spending. Debt-servicing payments will account for 19.2% of the central government’s general public budget this year, up from 12% in 2014, according to new Conference Board estimates cited by the Financial Times. That tracks with a separate report earlier this year from the Center for Strategic and International Studies, which also found that 19% of Beijing’s spending is earmarked for interest on debt. That’s more than the 14% of the U.S. federal budget that…