China is BIGGEST threat to world economy and WILL crash soon, Harvard professor warns
CHINA'S debt bubble and slowing economy is a huge risk to the rest of the world's financial systems, according to a terrifying warning from a professor of economics at Harvard University.
In a series of chilling comments, former International Monetary Fund (IMF) economist Kenneth Rogoff aired his fears of a repeat on last summer’s worldwide market crash, which was sparked by China’s slowdown.
The professor also accused the Chinese government of fixing measures of growths.
And said he is worried about what will happen when the credit-fuelled growth of the colossal economy eventually comes to an end.
He said: "I think the economy has slowed down much more than the official figures show.
"And if you want to look at a part of the world that has a debt problem, look at China.
"They've been a credit-fuelled growth, these things don't go on forever."
Worries over China's slowdown triggered a huge market crash last summer and again at the start of 2016.
For now, fears have been calmed.
But Mr Rogoff said the country IS a huge worry, despite what other critics claim.
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He said: "Everyone says China's different, the state owns everything, they can control it - only to a point."
The economic expert added: "I definitely worry about China, a hard-landing in China, we're having a pretty sharp landing already, and I worry about China becoming more of a problem.
"There isn't really a substitute for China's growth."
And there is also little the world can do to prepare for China's fall, the expert warned when asked.
He said: "That's a really tough question… you'd like the rest of the world not to be depending on China so much… There are limits to what you can do, when a country that big is slowing down."