China’s broadest gauge of new credit and an index of loan growth both exceeded projections, signaling that a government push against leverage hasn’t crimped lending.
Policy makers have been walking a fine line between keeping credit flowing to the real economy and trying to curb lending that can fuel financial risk. PBOC Governor Zhou Xiaochuan has offered a series of recent warnings about debt levels in the economy, and top leaders on Friday pledged to "effectively" control leverage next year and prevent major risks, stepping up their assurances to maintain stability amid rising debt.
