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Calling for prioritizing development quality over speed at the opening of theChinese Communist Party’s 19th National Congress, Chinese President Xi Jinping signaled an increased tolerance forslower growth, the key to slower debt growth. Accepting slower growth by no means spells a fundamental change in the government position or China’s credit trajectory. It does, however, create room for the government to push through its deleveraging initiatives while imposing financial accountability on state firms.

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