Only a few weeks ago, the main worry among Chinese policymakers was the risk the economy might overheat. Now the talk has shifted to the possibility of a hard landing, writes Geoff Dyer in Beijing and Patti Waldmeir.

The mood has changed because of a flurry of government policies introduced since mid-April to cool a red-hot property market and weed out speculative buyers.

The move has awakened bad memories. The last time the government tried to control soaring house prices, in late 2007, it helped to prompt a sharp slump in the economy. The Chinese stock market has dropped by about 20 per cent since mid-April on fears of a repeat performance, especially as the government also tries to slow the pace of infrastructure investment projects, and economists are beginning to scale back their 2010 growth forecasts.