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2019 Will Be the Year of ‘Re-Leveraging’ in China, UBS Says

China will again load up its economy with more debt in 2019 to cushion a deepening slowdown, according to UBS Group AG.

The nation’s total debt-to-gross-domestic-product ratio will rise again this year, after remaining flat in 2017 and declining in 2018, Wang Tao, head of China economic research at UBS in Hong Kong, wrote in a note Friday. That analysis came after new credit in January exceeded expectations, going beyond the normal increase at the beginning of the year.