By Hong Soon-do, Beijing correspondent, AsiaToday - It's really happening. China, an engine of global economy and the lifeline of Korean economy, is slowing fast. While Chinese Premier Li Keqiang and even President Xi Jinping continue to claim that the Chinese economy is in good condition with sound economic fundamentals, the overall situation seems to be going contrary to what they say. It seems that "Chinese economy's hard landing" is happening just like what "Dr. Doom" Roubini predicted a few years ago.

Source well-versed in Chinese economic affairs said on July 23 that this is not too early to jump to the conclusion. First of all, China's economic growth is reaching a serious level. Although China's economic growth for the second quarter beat expectations, rising 7 percent from a year earlier, the upturn is likely to be short-lived. Some analysts even claim that the figures are fabricated. Considering the current circumstances, the outlook for China's economy is gloomy. 

There's no need to talk about China's potential rate of growth. Due to the aging of the population and overinvestment, China's growth rate is expected to slow sharply to 3% by the end of the decade. It even seems awkward to see that China's growth rate next year is up to 6.7%.

China's economic restructuring is also raising concerns of a hard landing. China's economic growth is expected to continually decline by 1% over the next five years. If this is the case, China's growth rate could decline down to 2% in 2020.

China's total government, corporate and household debt is another serious problem as it soared nearly up to 300% of GDP.

Of course, the Chinese authorities must be well aware of the country's current economic crisis. They keep crying out for the "new normal" of slower expansion through restructuring and quality growth, because they already know the atmosphere. China's economic crisis is ongoing.