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Investors look at their screens at the stock exchange in Hangzhou. The Chinese government on Thursday opened the door to a more speculative stock market, raising fears of a pan-global financial crisis. Photo: Reuters

The Chinese government on Thursday opened the door to a more speculative stock market, raising fears of a pan-global financial crisis.

At the same time, the government announced a plan to create a “national human resource pool” of up to 60,000 labor-intensive IT professionals by 2015, amid reports of long lines and even violence at IT fairs.

A spate of complaints about the capital market is just the most recent example of worsening concerns about China’s rapid economic growth, which many complain is creating unsustainable debt levels.

Early Thursday, the stock market plunged as far as 27 percent, its worst day since the 2008 global financial crisis. That gave the main Shanghai index an eight-day losing streak.

China’s economy is expected to grow 9.8 percent this year, according to a preliminary forecast by the nation’s National Bureau of Statistics, well ahead of a countrywide average of 9.2 percent.

And yet, despite a growing sense of unease about what comes after China’s phenomenal economic growth, few are predicting chaos and financial havoc in the world’s second-largest economy.

Instead, one veteran analyst warned against a storm of unwarranted panic.

“The market is experiencing a shake-out of stock prices, and to some extent, in trade-related stocks,” said Francis Cheung, global market strategist at J.P. Morgan Funds in Hong Kong. “But I don’t think a serious market correction is due in the next few months.”

After Beijing’s shock steps, several foreign brokerage firms pulled out of China last week, while U.S. banks and

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