January 10, 2017 / 3:37 AM / a year ago

China says will not let non-financial firms' debt rise beyond current levels

BEIJING, Jan 10 (Reuters) - China will not allow non-financial firms’ debt to rise beyond current levels, the head of the state planning agency said on Tuesday.

China’s corporate debt has soared to 169 percent of GDP.

Speaking at a news conference, Xu Shaoshi, director of the National Development and Reform Commission (NDRC), also said China would step up efforts to push forward debt-to-equity swaps this year.

This programme allows companies to offer equity to creditors in order to reduce their debt burdens. (Reporting by Kevin Yao; Editing by Jacqueline Wong)

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