(Bloomberg) --

China will likely post positive economic growth for the full year and the leverage ratio is expected to stabilize in 2021 after debt climbed in the wake of the coronavirus pandemic, the central bank governor said.

The macro leverage ratio -- the percentage of debt in households, non-financial enterprises and governments to total gross domestic product -- “has increased this year due to the fight against the pandemic,” Governor Yi Gang said in a speech at the Financial Street Forum in Beijing, according to a statement published Wednesday on the central bank’s website. “It will become more stable after GDP growth picks up next year.” The ratio needed to be maintained on “a reasonable track,” he added.

Data this week showed GDP rose 4.9% in the third quarter from a year ago, putting China in line to be the only major economy to expand this year after bringing the pandemic under control. At the same time, debt has climbed, reaching 269.2% of GDP last quarter, according to Bloomberg’s calculations.

Read More: A Dive Into China’s GDP Details Shows Recovery Broadening Out

Yi reiterated that monetary policy must strike a balance between stabilizing growth and preventing risks. It should “neither let the market be short of liquidity nor lead to excessive supply,” he said. The governor also repeated recent comments that China wants to implement “normal monetary policy” for as long as possible.

Yi said finance policies should work in tandem with fiscal, industry, employment and technology policies to support President Xi Jinping’s goal for a carbon-neutral China by 2060. Xi outlined ambitious goals last month to cut emissions in the world’s biggest polluter.

©2020 Bloomberg L.P.