China should broaden its accounting methods to include off-budget quasi-fiscal spending to provide a clearer picture of its debt mountain, according to a report by economists from the International Monetary Fund. China’s ballooning levels of debt and dependency on credit to fuel growth continues to pose a major financial stability threat to the global economy, and could be the catalyst for the next crisis, according to the IMF. China’s debt has risen dramatically in the past decade, largely the result of credit fed to state-owned enterprises in the wake of the global financial crisis. Global market action in 2018 is likely to be determined by the outcome of China’s $40 trillion credit experiment, according to Seeking Alpha.