Economists who believe that China can come to the rescue of an increasingly troubled global economy are now in a decided minority, with questions increasingly being asked whether China can save itself: Will China's economy achieve a soft landing, a hard landing or even suffer a crash landing?

If Larry Lang Hsien Ping, professor of finance at the Chinese University of Hong Kong and a television personality, is to be believed, China's economy has already crashed, but the damage has not yet been recognized.

According to the Epoch Times, which broke the news of Lang's four-hour closed-door speech in Shenyang, China, he warned that the country's growth is already 10 percent below official statistics — still showing 9 percent a year — and inflation is raging way above the official claims.