Related: China ETF Growth Could Slow Ahead

Overall, policy makers may show a willingness to reform. The global reflation trade could help support exports. The Chinese yuan is also stabilizing.

“Stabilising measures have been successful, but the government’s ability to meaningfully tackle the economy’s main structural challenges will be limited without greater willingness to accept a more pronounced slowdown in economic growth than currently implied by medium-term growth targets,” said Fitch. “Strong export performance has weakened the trade-off between growth and reform this year – which has allowed the authorities to clamp down on shadow banking activities – but we do not expect this to continue.”

The Chinese economy needs to grow 6% to 6.5% through 2020 to realize policymakers’ goals.

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