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China should not substantially tighten lending, and its fiscal and monetary policies should prioritize pro-growth and really seek to be proactive and stable, the 21st Century Business Herald reported citing a report by a government-affiliated advisory group under the Renmin University. The debt levels of the government and businesses may have been overestimated if using the debt/GDP formula, it said. Instead, China's debt ratios are seen lower if measured as share of assets, the newspaper said citing the report. Given China's emphasis on economy, high savings and fast growth, its indebtedness cannot be compared directly with western and other developing countries, the newspaper reported citing Nie Huihua, a lecturer of Renmin University.