China intensifies push to cut debt with steps to reduce leverage
Beijing
CHINA released guidelines for reducing corporate debt while also saying that the government will not bear the final responsibility for borrowing by companies, the latest sign that policymakers are stepping up their fight against excessive leverage.
The State Council, China's cabinet, issued guidelines for reducing corporate debt and for how banks may swap bad debt to equity. At the same time, officials from the central bank and other government regulators held a briefing at which they described corporate leverage as high among major global economies.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
Chevron's quarterly profit beats estimates
EU toughens rules on Chinese fashion retailer Shein
Keppel prices 70 million euros of floating-rate notes due 2031
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Shareholders raise questions over dividend payout, directors’ salaries at Best World AGM ahead of proposed privatisation