China poses the biggest threat to the global economy as its debts soar, according to a leading economist.

Ken Rogoff, the former chief economist at the International Monetary Fund, said the country could suffer a calamitous slowdown – dragging the rest of the world down with it.

A so-called ‘hard landing’ in the world’s second biggest economy, where growth drops to dangerously low levels, would be a disaster for other countries including Britain.

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