Shanghai

CHINA'S policymakers are stepping up efforts to rein in risks stemming from rampant growth in shadow banking products, elevated corporate debt and surging home prices.

A new ministry-level committee led by National Development and Reform Commission (NDRC) chairman Xu Shaoshi will seek to ensure companies reduce leverage, according to a statement from the State Council, China's Cabinet. Separately, the central bank is conducting a trial monitoring of banks' off-balance-sheet wealth management products (WMP) under its macro-prudential assessment system, according to people familiar with the matter.