In short, the biggest risk to China’s continued development is not a crisis, but the failure of its political leaders and intellectual elites to recognize the need to transform a growth strategy that has proved successful so far. In fact, to the extent that a crisis could do more good than harm, warnings that the rapid credit expansion of recent years could trigger a debt crisis, or that the real-estate sector is on the verge of collapse, may not be as worrying as many believe.