Debt-to-equity swaps should be a........>

CHINA PRESS: Debt-to-equity swaps should be a complimentary policy for dealing

with corporate debt -- not a main measure of deleveraging, the Economic

Information Daily said in a front-page commentary Tuesday. Swaps will accelerate

in the second half of this year with support from authorities but an abrupt or

excessive expansion will increase "moral risk" to economic development, it said.

Debt problems result from low returns from investment in the real economy -

which can't be solved by swaps alone. Market-oriented and legal guidance is

necessary for swaps to have an effect on deleveraging, it said. (Economic

Information Daily)