China’s leverage ratio fell by 2.6 percentage points in the first quarter from the end of last year, as authorities repeatedly signaled the need to repeal stimulus measures deployed last year.
The country’s macro leverage ratio — the percentage of debt in households, non-financial enterprises and governments to gross domestic product — fell to 276.8% in the first quarter, according to preliminary calculations released by the People’s Bank of China.
“As the impact of the Covid-19 epidemic gradually weakens, economic growth stabilizes, total debt…
