China must turn off the taps of credit-driven growth to avoid a financial system crisis in the face of rising bad loans and other risks, the Communist Party's official mouthpiece newspaper said on Monday. Citing an unnamed "authoritative" source, the People's Daily said economic transition is proving bumpy, raising fears of a hard landing. China's growth will continue to slow, the source said, as sluggish demand and overcapacity are unlikely to turn around fundamentally in several years.China's Communist authorities are trying to retool the economy away from the investment- and export-led growth of the past to one more led by consumer demand and reform lumbering .Analysts said the comments could be a signal that Beijing is to rein in monetary stimulus efforts.It is the third time in less than a year that the People's Daily has cited "an authoritative person" to discuss top-level economic policies.Chinese news portal Sina has previously said that such an "authoritative source" in similar People's Daily articles could be a high-ranking government official, such as the head of the top economic planning agency the National Development and Reform Commission, or a respected scholar who participated in major economic policymaking.