The average ratio of public debt to gross domestic product—a key measure of a country’s fiscal health—rose to a record 67% last year in emerging market countries

Although debt ratios are lower than in the mid-90s, debt has been creeping up for the past decade and the composition of creditors has changed from mostly western nations to China

More disclosures are expected during the upcoming earnings season, putting pressure on Chinese authorities to do more to limit contagion