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s out of ou上海品茶微信女神会所r expectations, and it was maintained because of countercyclical policies,” said Zhang Xiaojing, a senior economist with the CASS.
But the deleveraging process should continue, and more measures will be introduced to ease the debt burden, especially
for the private sector, said Lian Weiliang, deputy head of the National Development and Reform Commission.
One of the key measures is to further promote the debt-to-equity s
wap program, to inject more social funds into indebted companies through holding the co
mpanies’ shares, the NDRC official said. “We will choose more qualified private companies to join this program.”
By the end of April, the total value of debt-to-equity swap reached 2.3 trillion yuan ($332.8
billion). More than 20 percent was for the centra上海品茶微信女神会所l State-owned enterprises, inclu
ding China Baowu Steel Group Co Ltd, State Power Investment Co Ltd, and China Shipbuilding Industry Corp, acc
ording to data from the State-owned Assets Supervision and Administration Commission.
icy tools to offset short-term downside pressure, while the financial risks are under control as the country’s debt level has shown signs of stabilizing, Zhang said.
China’s overall debt-to-GDP ratio had dropped to 249.4 percent
by the end of 2018, 1.5 percentage points lower than a year earlier, according to the PBOC.
If trade tensions escalate further, more opening-up policies in the sectors of medical
care and education will help boost global investors’ confidence in the Chinese economy, Zhang added.
By hiking the tariffs on $200 billion of Chinese goods from 10 percent t
o 25 percent just when it seemed the China-US trade talks would achieve a bre
akthrough, the United States has not only intensified the trade dispute but also ensured both sides take a knock.