China's much-vaunted stimulus package has exacerbated structural imbalances in the economy and may delay the country's transition to a more sustainable growth model, according to some leading economists.
Most analysts regard the Rmb4,000bn ($585bn, €410bn, £355bn) plan, unveiled in November, as an appropriate response to the crisis and say it pulled the economy out of what could have been a much deeper slump.
However, as the effects of the stimulus fade, some now say the response was too aggressive and that the government's focus on an unprecedented credit expansion and a massive infrastructure boost has aggravated the country's stark economic imbalances.
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