Yes.

This year is the endgame for China's agenda to build a generally moderately prosperous society and its 13th Five-Year plan. Steady growth needs the support of the macro leverage ratio when China faces downward pressure on economic growth. The Central Economic Work Conference also advised holding the macro leverage ratio at an essentially stable level. China will wield a more proactive fiscal policy and so the rate of leveraging will rise in the government sector. Cuts to the reserve requirement ratio in monetary policies will gradually kick in, and companies will more actively take out loans in consequence. More challenges now lie in gradually reducing the disguised debts of state-owned enterprises and local governments against the backdrop of an overall stable leverage ratio.