“There is no free lunch in the world.” The first quarter marks a good beginning for China’s economy in 2019. However, economic growth above expectations came at the expense of another significant increase of macro leverage ratio. In the context of growing internal and external uncertainties - not least the sudden escalation in China-U.S. trade war - and downward pressures on economy, there is no doubt that growth stability needs priority. How to press ahead with structural deleveraging to strike a balance between steady growth and a sound leverage ratio still presents stern challenges to policymakers.

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