“The deleveraging continues on the shadow banking side of things, but the credit is still flowing for local government and bank lending,” said Rory Green, economist at TS Lombard, who estimated the year-on-year rate of credit contraction within the shadow banking sector was 6.9 per cent. Mr Green said he expected “deleveraging and financial risk control to remain a key focus for Beijing. We are told Liu He, president Xi’s top economic adviser, is fixated on this, almost to the expense of the economy,” he added.
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