▁of ▁sur plus ▁rural ▁labor ▁leading ▁to ▁rising ▁factory ▁w ages , ▁and ▁the ▁basic ▁challenge ▁of ▁growing ▁fast ▁from ▁a ▁high - in come ▁base ▁all ▁consp iring ▁to ▁slow ▁growth ▁– ▁gradually , ▁not ▁cat ast roph ically — in ▁the ▁future . ▁▁ ▁In ▁early ▁ 2 0 1 2 , ▁Sh arma ▁argued ▁in ▁an ▁op ed ▁for ▁the ▁New ▁York ▁Times ▁that ▁while ▁the ▁China ▁b ull s ▁are ▁too ▁optim istic ▁about ▁its ▁ability ▁to ▁sust ain ▁ 8 ▁percent ▁growth ▁in def initely , ▁the ▁be ars ▁are ▁too ▁quick ▁to ▁forec ast ▁dis aster . ▁The ▁greater ▁lik elihood ▁is ▁that ▁China ▁" is ▁slow ing ▁to ▁a ▁rate ▁that ▁is ▁ideal ▁for ▁the ▁interests ▁of ▁the ▁United ▁States : ▁fast ▁enough ▁to ▁remain ▁an ▁important ▁pill ar ▁of ▁global ▁economic ▁growth , ▁but ▁not ▁fast ▁enough ▁for ▁China ▁to ▁remain ▁a ▁dis rupt ive ▁threat ▁to ▁American ▁power . ▁ ▁More ▁recently , ▁Sh arma ▁has ▁focused ▁on ▁China ’ s ▁" own ▁deb t ▁bomb ," ▁writing ▁that ▁the ▁money ▁supply ▁and ▁private ▁deb ts ▁are ▁growing ▁danger ously ▁fast . ▁ ▁Sh arma ▁notes ▁that , ▁according ▁to ▁studies ▁by ▁the ▁International ▁Mon et ary ▁Fund ▁and ▁the ▁Bank ▁for ▁International ▁S ett lement s , ▁such ▁rapid ▁accum ulation ▁of ▁deb t ▁normally ▁pres ages ▁a ▁major ▁crisis ▁or , ▁more ▁likely ▁he ▁arg ues ▁in ▁China ’ s ▁case , ▁a ▁sharp ▁dec eler ation ▁in ▁growth . ▁ ▁Com