China's shrinking economy poses the biggest threat of all to global economic stability, a former chief economist of the International Monetary Fund warned.

Ken Rogoff told the BBC that China's economy is 'slowing down much more than the official figures show.'

The economist rubbished claims of China being a 'special case', adding the world's second biggest economy was in for a 'hard landing.'

Warning: China's shrinking economy poses the biggest threat of all to global economic stability, a former chief of the International Monetary Fund warns

'China is going through a big political revolution', Rogoff said.

He added: 'If you want to look at a part of the world that has a debt problem look at China. They've seen credit fuelled growth and these things don't go on forever.'

The economist, who is now a Professor at Harvard University, told the BBC: 'Everyone says China's different, the state owns everything they can control it.

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'Only to a point. It's definitely a worry, a hard landing in China.

'We're having a pretty sharp landing already and I worry about China becoming more of a problem.'

In January, data from the national bureau of statistics' bulletin revealed China's economy grew by 6.9 per cent last year, marking the biggest slowdown for 25 years.

Building on concerns China is at risk of a full-blown banking crisis, last week the Bank for International Settlements warned that the country's 'credit to GDP gap' has reached 30.1, the highest ever recorded.

Slowdown: In January, data from the national bureau of statistics' bulletin revealed China's economy grew by 6.9 per cent last year, marking the biggest slowdown for 25 years

The credit to GDP 'gap' refers to the amount of debt in an economy relative to annual growth.

The Bank of England's Financial Policy Committee described the 30.1 figure as 'very high by international standards'.

In November, the Bank will publish data revealing how the UK's biggest banks would fare if fears of China's economic collapse come to fruition.

UK banks have around $530billion worth of lending and business in China, including Hong Kong, comprising around 16 per cent of all foreign assets held by British banks.

Projections: On the upcoming US presidential election, Rogoff said, 'I am certainly nervous, probably much more about a Trump victory, just because of not knowing what's next'

Rogoff said the EU and the US had to be 'on their feet' before any cataclysmic slowdown in China begins to bite.

The economist said Brexit's impact on the UK and wider economy remained clear, but expressed concerns about the role and policies of central banks.

Concerned: Former IMF economist Ken Rogoff

He said: 'I have a concern about monetary policy at the moment - that it is being asked to take on roles that it's not built for. It is being asked to do helicopter money where you just print money and hand it out to people.'

On the upcoming US presidential election, Rogoff comments: 'I am certainly nervous, probably much more about a Trump victory, just because of not knowing what's next.

'I don't like the [protectionist] trade policies of either candidate. I think free trade has benefitted the States immensely in its leadership position. So watching as an economist, this has been a painful election.'

The IMF expects the Chinese economy to grow 6.6 per cent this year, its lowest growth since 1990.