Earlier this year Chinese Premier Li Keqiang, responding to a press conference question about financial risk in the economy, said: “We can also use such market-oriented format as debt equity swap [by commercial banks] to help bring down the corporate leverage ratio.”
This remark was seized upon by the media, both inside and outside of China, but there has been almost no policy clarification by officials.
While details are sketchy, to say the least, I have nevertheless been surprised at the generally negative response to the proposal from analysts reported in the western news.
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