China is in more danger of a financial crisis than official data suggests , a senior government financial official , Xia Bin , has warned , adding that Beijing must do more to prevent a collapse in the economy . “ Systemic risks are elusive and move fast , ” he said . Published: An example of skewed figures is China ’s official non - performing loan rating , which he said bore little resemblance to the correct figure . Also lenders ' exposure to the property market is much higher than reported , he said , with China 's economy in effect being “ hijacked ” by the property sector , causing a major threat to financial stability .
China is in more danger of a financial crisis than official data suggests , a senior government financial official , Xia Bin , has warned , adding that Beijing must do more to prevent a collapse in the economy . “ Systemic risks are elusive and move fast , ” he said . An example of skewed figures is China ’s official non - performing loan rating , which he said bore little resemblance to the correct figure . Also lenders ' exposure to the property market is much higher than reported , he said , with China 's economy in effect being “ hijacked ” by the property sector , causing a major threat to financial stability .