China's Credit Growth Trails Estimates Amid Debt Cleanup

China’s broadest gauge of new credit trailed projections amid renewed government pledges to tackle financial risk.

The data show that the crackdown on shadow banking is weighing on credit growth. That adds to uncertainties facing the economy such as intensifying trade tension with the U.S. The report also suggests efforts to rein in debt and ensure stability are taking effect as President Xi Jinping prepares the economy for a broader financial opening-up to the world.