Continued efforts to contain financial leverage and asset bubbles since the second half of 2016 have raised financing costs in the real economy, which may erode profit margins of the corporate sector.

Policy makers should balance the competing aims of short-term, credit-fueled growth and long-term policy measures to increase the resilience of the financial system and to reduce and eventually reverse the growth of leverage in the economy, said Zhang Jun.

Chinese Premier Li Keqiang said at a symposium last week that China would maintain the stability of its macroeconomic policy, and continue reform and opening up in 2018.

The premier said China should prioritize quality and efficiency when developing its economy, and deepen supply-side structural reform as well as accelerating cultivation of new growth engines and the transformation of traditional growth drivers.

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