Ex-PBoC adviser: China growth comes at 'high cost'

China’s growth model is unsustainable and the country’s economy could face a sudden slowdown unless the government issues urgently needed economic and political reforms, the Financial Times reported, citing comments from a former senior official. In a letter published in state media, academic and former member of the central bank’s monetary policy committee Yu Yongding said China’s economic future is threatened by rising social tensions, pollution, poor public services, over-reliance on exports and over-investment in areas such as real estate. "China’s rapid growth has been achieved at an extremely high cost," Yu wrote. "Only future generations will know the true price."