The People’s Bank of China said on Wednesday that it was on track to reducing risk in the economy from high debt levels, but still had work to do, Reuters reports.
China has seen a steady fall in its macro-leverage ratio since the fourth quarter of 2017, the central bank said, due to its intense deleveraging policies. It must now continue this, the statement went on, whilst attempting to stabilize growth.
“The overall level of leverage is still high, especially the debt pressure on state-owned enterprises is still large,” the People’s Bank of China said in its monetary policy implementation report, adding, “we will fight a tough battle against major financial risks and safeguard the bottom line of systemic financial risks.”
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