Hasty borrowing by Chinese consumers and corporates may leave the country's economy with a debt hangover.

That's the contention of independent China economist Andy Xie. Business Daily's Ed Butler asks him whether ordinary Chinese are carelessly running up huge debts without appreciating the consequences, and whether the rest of the world should be concerned.

And it's not just China. Most East Asian countries have seen a rapid rise in household debts in recent years. Among them is Vietnam, where journalist Lien Hoang of Bloomberg BNA explains that it is in large part a bi-product of the government's policy to introduce its citizens to the wonders of online banking.

(Picture: Chinese woman holding phone and credit card; Credit: RyanKing999/Getty Images)