Allocation of the regulatory resources has been improved. Secondly, macro leverage ratio stabilized. As the supply-side structural reform deepens, macro leverage ratio fell by 1.5 percentage points from end-2017 to 249.4 percent at end-2018.
Going forward, as China’s financial market evolves and the share of direct financing rises, part of the debt financing will be converted into equity financing, which will 3/5  BIS central bankers' speeches  facilitate stabilization of macro leverage ratio. Third, the shadow banking sector has been better regulated.