Since the end of the debt-fueled financial crisis, China has quietly embarked on a debt binge of its own.

Source: Bank of International Settlements

The Wall Street Journal reports on the latest trend in the Chinese economy: non-bank corporations lending other firms' money. This is after China has finally begun to clamp down on easy bank lending, making it difficult for many companies to borrow to grow or keep their operations afloat.

While the American financial crisis began with a real estate debt bubble, the Chinese run-up has been concentrated in the corporate sector as the Chinese government stimulated its domestic economy by instituting a policy of easy credit to its massive domestic infrastructure and export industries.

Why it matters: That large, cash-rich companies would rather lend their money to other companies than invest in their own operations is a warning sign in its own right. These statistics are the strongest evidence that China is headed for a period of significantly lower growth, as its economy is weighed down by unproductive debt.

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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

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Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.