Chinese companies' foreign debt is rising at the fastest pace since the Asian financial crisis in 1997, sparking worries of a credit crisis, Chen Jia reports

There's been heated debate in financial circles about the fast growth of overseas debt among Chinese companies. Some analysts suggest that the rising external debt is "a sign of desperation". They've also warned of a possible impact on global markets.

If interest rates on dollar-denominated debt rise, these experts said, Chinese borrowers could find themselves in a financial trap, and the country could be "maxed out" in the credit markets.