This is an excellent MUST READ article from Martin Wolfe in his FT blog. Check it out!
Martin Wolf has an knack of explaining complex economic challenges in simple English by reference to every day examples. China is really important to global growth and Martin Wolf highlights the risks very effectively. Martin Wolf‘s article compares China to a 747 with engine problems; for me, using the 747 analogy, a huge amount depends on the judgement and skill of the pilot.
Personally, based upon my experience in China, I am still an optimist with regard to China avoiding a hard-landing. Yes, there are enormous challenges and risks but the Chinese Government is also bold and decisive.