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The rapid acceleration of credit growth and large debt accumulation in China following the global financial crisis in 2008 has heightened concern about the sustainability of the Chinese growth model. The IMF and others argue that the short-term risk of a financial crisis and / or Chinese hard landing is relatively low since the authorities have a number of policy tools to prevent a crisis. However, the postponement of reforms to rebalance the economy away from an over-reliance of fixed investment to consumer spending will raise the risk of a hard-landing scenario over the medium term.
