"The worry that's developing is that debt is being pushed onto borrowers who might not have the capacity to repay, " says Frederic Neumann, co-head of Asian economic research for HSBC Holdings PLC.

WSJ: Loans Surge to Asia's Growing Middle Class

Not only have America's imports bounced back faster than its output, its imports from Asia have recovered faster than its purchases from less fortunate parts of the world, points out Frederic Neumann of HSBC.

ECONOMIST: Memories of 2008 are influencing Asia��s policymakers