A new report says South Korea's gross domestic product(GDP) will fall zero-point-37 percent if China's GDP declines one percent.
 
The Korea Economic Research Institute said in the report Wednesday that the Chinese government has been pursuing qualitative rather than quantitative growth since 2006, when it launched its eleventh five-year economic plan.
 
However, as China recently began implementing structural reforms in earnest as part of its qualitative growth measures, concerns are rising that the country's economy may face a hard landing.
 
The institute said China is stably managing municipal debt and structural reform, but an increase in corporate debt and a weakening in the real estate market could trigger a hard landing.