A surge of corporate bonds is adding to China’s already-high debt levels, amplifying risks to the economy as Beijing persistently encourages borrowing to fuel growth. The new rounds of corporate funding deepen anxieties among investors and analysts that China’s debt, already expanding at twice the pace of its gross domestic product, is feeding a nascent credit crisis that could further set back the country’s efforts to shift the economy to a slower, consumption-led model. Corporate debt now amounts to 160% of China’s gross domestic product compared with 98% in 2008, according to Standard & Poor’s Ratings Services. The level in the U.S. is 70%. Outstanding corporate bonds in China last year surged 25% to 14.6 trillion yuan ($2.2 trillion), according to the central bank. China’s rapid accumulation of credit, up 12.4% last year, is compounded by signs that not much of it is creating new wealth. State policy is […]