A Bank of Japan paper published in January reviews the development of China's economy after the financial crisis and examines some of the challenges policymakers face to maintain a sustainable and efficient development of the economy.

Kumiko Okazaki and Tomoyuki Fukumoto, the paper's authors, note that the factors that protected the Chinese economy during the crisis also seem to carry with them substantial risks and challenges to its sustainable growth.

Okazaki and Fukumoto argue that the