Corporate debt too high, warns PBOC chief

Beijing

PEOPLE'S Bank of China governor Zhou Xiaochuan sounded a warning over rising debt levels, saying corporate lending as a ratio to gross domestic product had become too high and the country must develop more robust capital markets.

China still has a problem with illegal fundraising and financial services are insufficient, Mr Zhou said in a speech at the China Development Forum in Beijing on Sunday. He said the country still needs regulation to guard against excessive leverage in foreign currencies.