March 9, 2018 / 10:14 AM / 9 months ago

China's banking regulator vows to further cut corporate, government and household leverage

FILE PHOTO: Guo Shuqing, China's newly appointed banking regulator, attends a news conference ahead of China's parliament in Beijing, March 2, 2017. REUTERS/Shu Zhang/File Photo

BEIJING (Reuters) - China’s top banking regulator said on Friday reducing leverage in the country’s corporate, government and household sectors remains a major policy priority.

Speaking on the sidelines of the National People’s Congress, Guo Shuqing, chairman of China Banking Regulatory Commission (CBRC), said the government will push for restructuring in the corporate sector and encourage debt-for-equity swaps.

The CBRC will also focus on cracking down on risks in shadow banking, including banks’ wealth management products, interbank activities and off-the-balance sheet business, the trust industry and the online finance sector.

Reporting By by Stella Qiu and Vincent Lee; Editing by Shri Navaratnam

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