The government's deleveraging...........>

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

News)