The State Administration of Foreign Exchange (SAFE) said Saturday in Beijing that China's external debts reached $327.8 billion by the end of June 2007…up $4.8 billion in one month.

Imagine running up that much of a balance on your credit card.

In the first half of this year, China borrowed mid- and long-term foreign debts of 15.37 billion dollars, an increase of 55.6 percent, 5.49 billion dollars, over the same period last year.

China also paid $11 billion dollars worth of debt principal and

$1.74 billion in interest, up 32% and 56% respectively over last year.

Uh….if China has over $1 trillion in foreign reserves, then why don't they pay this debt off?

Or is there some penalty for early payment because the lender wants the interest?

How deep in debt are you?

Let's see…We have a house and a ….that's about it.

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