BEIJING - A Chinese academic paper published Thursday warns the country is over-reliance on exports, despite its success in warding off the worst effects of the global economic downturn.

The Chinese government had been composed in dealing with the downturn and the Chinese economy had taken the lead in the economic revival, said the report from the Beijing-based Social Sources Academic Press.

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Last year, the most difficult year for China this century, the country achieved an 8.7-percent increase in GDP, worth 33.5 trillion yuan ($5 trillion), said the report titled "BLUE Book of Development and Reform -- Report on China's Economic Development and Institutional Reform: China Stood the Test of Global Financial Crisis (2008-2010)."

The rate was achieved despite the first ever contraction of the global economy since the end of the World II and worst downfall in world trade in 60 years, it said.

The paper, however, warned of China's "serious reliance on the international market and mammoth foreign exchange reserves," noting the latter were an enormous risk to the country's economic development.

The global financial turmoil was affecting China through international trade because the world market has been crucial to the economic stability of China, it said.