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 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.
Asset bubbles in the stock and property markets surged back again and most of the stimulus had gone to the state sector, while smaller private enterprises, which create the most jobs, had been left largely to fend for themselves.
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