China's credit expansion rate is likely to be faster than the pace of growth for its gross domestic product in 2014. Difficulties will be added in the control of systemic financial risks, a JPMorgan economist said on Thursday.

Total social financing is predicted to increase by 16 percent year-on-year in 2014, compared with the possible 11 percent growth of nominal GDP, suggesting that the credit-to-GDP ratio will continue to rise from its almost 200 percent currently, said Zhu Haibin, chief economist in China at the US financial group.

"I am worrying the deleveraging progress may not happen very quickly, although it was mentioned in the statement of the Central Economic Work Conference," Zhu said.