The International Monetary Fund warned on China’s strategy for economic expansion, saying that Beijing was putting a higher priority on growth than economic output.

The Chinese government have pledged to double the size of its economy between 2010 and 2020, with the IMF increasing its forecast for 2010 to 6.7 percent.

However, it warned on Wednesday that debt as a proportion of gross domestic product was likely to rise from 235 percent to almost 300 percent by 2022.

“International experience suggests that China’s credit growth is on a dangerous trajectory, with increasing risks of a disruptive adjustment and/or a marked growth slowdown,” the IMF said.

Lucy MacDonald of Allianz Global Investors told the BBC that the levels of growth in China were at a “totally new territory”, adding that the risk of defaulting is higher because of how closed the economy is.