Companies in China have had a good strong year, which has given corporations “a huge opportunity to deleverage their balance sheets” and restructure debts, Capital Link International chairman and CEO Brett McGonegal said on Tuesday.

While some financial indicators have suggested that China may be facing a slowdown in 2018, McGonegal told Bloomberg TV “you’re still seeing some pretty strong balance sheets”.

He believed the overall health of the “new economy” in China was the driving force that would power the country’s economy in the new year.

“These are not companies that are starved of capital. These are not companies that are seeing their balance sheets degraded by any bit – they’re actually hitting new highs in the stock market, as well as new highs in revenue and the bottom line,” he said.

Brett McGonegal is a principal shareholder in Asia Times.