The currency’s ups and downs play to the debt concerns.

China relied on a huge wave of lending to power its economy in the aftermath of the global financial crisis nearly a decade ago. While the strategy worked, it pushed China to similar debt levels, relative to the size of its economy, as the United States and other developed countries.

It did so in an extremely short amount of time, ringing alarm bells in Wall Street and elsewhere. As recently as May, Moody’s Investors Service, a ratings firm, lowered its credit rating on the country’s debt, saying China’s spending spree would hurt long-term growth. The currency devaluation and market crash in 2015 also lessened confidence in Beijing.

Since then, the authorities have taken a number of steps that appear to be keeping the short-term problems at bay, though doing little for the longer term.

Beijing has strictly limited how much money can be sent abroad and has clamped down on what a growing number of the country’s leaders considered wasteful corporate purchases. The government has even resorted to strategies like face recognition software at automated teller machines in Macau, a Chinese-controlled territory and gambling mecca that has its own, more readily convertible, currency and that has long had a reputation for money laundering.

The government has also kept lending from sources it trusts, like the country’s state-run banks. The push has been strong enough to maintain growth, even as officials have cracked down on other types of lending that they see as potentially disruptive. The stock market has begun to recover from its rout two years ago as rising real estate prices reassure investors about the health of China’s developers, and resilient economic growth suggests that corporate profits may rise.

Charlene Chu, a China analyst at Autonomous Research, a global company advising hedge funds and other international money managers, has long worried that China’s debt accumulation was becoming unsustainable. Now, she said, Beijing has the ability to postpone its problems.

“What I appreciate now is there are just no independent actors here,” Ms. Chu said. “There is no bank that is going to say in November that ‘our economic outlook is not good — we’re going to contract our loan book.’ They can muddle on for a while.”