CHINA’s dependence on debt was growing at a "dangerous pace" and it must act to head off a brewing crisis, the IMF warned on Tuesday.The IMF also said the leaders of the world’s second-largest economy should continue with vital reforms or risk a painful correction, adding that Beijing’s "unsustainably high" growth goals added to the problem.While the country has made progress in its attempts to recalibrate the driver of growth, the fund said failure to attend to structural issues could destroy that work.The IMF’s warning comes weeks after a global central bank watchdog said China’s banking sector could be facing an imminent debt crisis, fuelling worries a blowout could send tremors through the world economy.In an update to its World Economic Outlook, the IMF said: "China continues to make progress with the complex tasks of rebalancing its economy towards consumption and services and permitting market forces a greater role."But the economy’s dependence on credit is increasing at a da...
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