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CHINA PRESS: The government's deleveraging campaign has made progress and
leverage ratios continue to fall in the financial and non-financial sectors, but
the debt of state-owned enterprises is still the top priority of the
deleveraging effort, the Financial News, a journal run by the People's Bank of
China, reported Thursday on its front page. Deleveraging in big SOEs has
increased the pressure to deal with financial institutions' non-performing loans
and could trigger debt payment risks, the report warned, citing analysts.
Debt-to-equity swaps should be emphasized, the report argued, noting that as of
the end of September, 77 companies, mainly big SOEs, had signed a total of
CNY1.3 trillion in debt-to-equity swaps agreements, the report said. (Financial