China's attempt to balance its economy, without breaking it, puts global growth at risk should policy-makers fail.

Premier Li Keqiang's three-month-old government is allowing the tightest squeeze on credit in at least a decade, to wean the nation off a cash binge that threatened to destabilize the world's second-largest economy.

The aim is to deliver sustainable, more-even economic expansion closer to 7 percent than the rates faster than 9 percent witnessed in recent years. The risk is that getting the transition wrong will stifle credit and hurt activity at home and abroad just as the Federal Reserve pivots toward withdrawing stimulus.

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