BEIJING (AP) — The International Monetary Fund has urged China to speed up reforms meant to slow surging growth of debt that is fueling concern about the stability of its financial system.

The IMF's first deputy managing director, David Lipton, said Tuesday after meeting Chinese officials the reform process must accelerate to avoid a "sharp adjustment" in the slowing economy.

China faces mounting warnings that its rapidly rising debt load since the 2008 financial crisis could depress economic growth or threaten the health of banks. The Moody's ratings agency cut China's credit rating on May 25, citing rising debt risks.

Lipton said the IMF believes Beijing also needs to move faster in encouraging expansion of domestic consumption instead of trade and investment and to increase the role of market forces.