China's economy is at risk of a brutal 'debt-deflation spiral'

• Headwinds in China are well-documented, but more turmoil could come if policymakers don't act soon.
• Economists at the IIF say Beijing still has the capacity to provide stimulus in 2024.
• But a lack of policy support could lead to a "debt-deflation spiral."

China's economy has crawled out of the pandemic far below the pace of what most analysts expected, and if policymakers don't step in with sufficient support in 2024, a "debt-deflation spiral" could ensue.