国内英语资讯:China to further reduce SOE debts
<p><span word="BEIJING">BEIJING</span>, <span word="Feb">Feb</span>. 7-- <span word="The">The</span> <span word="State">State</span> <span word="Council">Council</span> <span word="Wednesday">Wednesday</span> <span word="unveiled">unveiled</span> <span word="an">an</span> <span word="array">array</span> <span word="of">of</span> <span word="measures">measures</span> <span word="to">to</span> <span word="further">further</span> <span word="reduce">reduce</span> <span word="leverage">leverage</span> <span word="of">of</span> <span word="state">state</span> <span word="firms">firms</span> <span word="in">in</span> <span word="its">its</span> <span word="latest">latest</span> <span word="effort">effort</span> <span word="to">to</span> <span word="rein">rein</span> <span word="in">in</span> <span word="financial">financial</span> <span word="risks">risks</span>.</p><p><span word="China">China</span> <span word="will">will</span> <span word="provide">provide</span> <span word="stronger">stronger</span> <span word="support">support</span> <span word="for">for</span> <span word="debt">debt</span>-<span word="to">to</span>-<span word="equity">equity</span> <span word="swaps">swaps</span>, <span word="promote">promote</span> <span word="mixed">mixed</span>-<span word="ownership">ownership</span> <span word="reform">reform</span>, <span word="and">and</span> <span word="improve">improve</span> <span word="policies">policies</span> <span word="on">on</span> <span word="business">business</span> <span word="reorganizations">reorganizations</span> <span word="and">and</span> <span word="bankruptcy">bankruptcy</span>, <span word="said">said</span> <span word="a">a</span> <span word="statement">statement</span> <span word="released">released</span> <span word="after">after</span> <span word="an">an</span> <span word="executive">executive</span> <span word="meeting">meeting</span> <span word="chaired">chaired</span> <span word="by">by</span> <span word="Premier">Premier</span> <span word="Li">Li</span> <span word="Keqiang">Keqiang</span>.</p><p><span word="State">State</span>-<span word="owned">owned</span> <span word="enterprises">enterprises</span> <span word="will">will</span> <span word="continue">continue</span> <span word="to">to</span> <span word="be">be</span> <span word="a">a</span> <span word="priority">priority</span> <span word="in">in</span> <span word="the">the</span> <span word="deleveraging">deleveraging</span> <span word="campaign">campaign</span>, <span word="and">and</span> <span word="the">the</span> <span word="work">work</span> <span word="should">should</span> <span word="be">be</span> <span word="carried">carried</span> <span word="out">out</span> <span word="via">via</span> <span word="market">market</span>-<span word="oriented">oriented</span>, <span word="law">law</span>-<span word="based">based</span> <span word="means">means</span>, <span word="according">according</span> <span word="to">to</span> <span word="the">the</span> <span word="statement">statement</span>.</p><p><span word="The">The</span> <span word="meeting">meeting</span> <span word="agreed">agreed</span> <span word="that">that</span> <span word="positive">positive</span> <span word="progress">progress</span> <span word="was">was</span> <span word="made">made</span> <span word="last">last</span> <span word="year">year</span> <span word="as">as</span> <span word="corporate">corporate</span> <span word="leverage">leverage</span> <span word="ratios">ratios</span> <span word="ended">ended</span> <span word="their">their</span> <span word="gaining">gaining</span> <span word="streak">streak</span>.</p><p><span word="The">The</span> <span word="debt">debt</span>-<span word="to">to</span>-<span word="asset">asset</span> <span word="ratio">ratio</span> <span word="of">of</span> <span word="industrial">industrial</span> <span word="enterprises">enterprises</span> <span word="with">with</span> <span word="annual">annual</span> <span word="turnover">turnover</span> <span word="more">more</span> <span word="than">than</span> 20 <span word="million">million</span> <span word="yuan">yuan</span> (3.18 <span word="million">million</span> <span word="U">U</span>.<span word="S">S</span>. <span word="dollars">dollars</span>) <span word="went">went</span> <span word="down">down</span> <span word="to">to</span> 55.5 <span word="percent">percent</span> <span word="at">at</span> <span word="the">the</span> <span word="end">end</span> <span word="of">of</span> 2017, <span word="from">from</span> 56.1 <span word="percent">percent</span> <span word="a">a</span> <span word="year">year</span> <span word="earlier">earlier</span>. <span word="The">The</span> <span word="ratio">ratio</span> <span word="for">for</span> <span word="state">state</span>-<span word="controlled">controlled</span> <span word="firms">firms</span> <span word="stood">stood</span> <span word="at">at</span> 60.4 <span word="percent">percent</span>.</p><p><span word="Debt">Debt</span>-<span word="to">to</span>-<span word="equity">equity</span> <span word="swap">swap</span> <span word="programs">programs</span> <span word="were">were</span> <span word="highlighted">highlighted</span> <span word="for">for</span> <span word="SOE">SOE</span> <span word="deleveraging">deleveraging</span> <span word="during">during</span> <span word="the">the</span> <span word="meeting">meeting</span>.</p><p><span word="The">The</span> <span word="government">government</span> <span word="will">will</span> <span word="widen">widen</span> <span word="the">the</span> <span word="channel">channel</span> <span word="for">for</span> <span word="private">private</span> <span word="capital">capital</span> <span word="into">into</span> <span word="debt">debt</span>-<span word="to">to</span>-<span word="equity">equity</span> <span word="swaps">swaps</span> <span word="of">of</span> <span word="SOEs">SOEs</span>. <span word="Equity">Equity</span> <span word="investment">investment</span> <span word="institutions">institutions</span> <span word="will">will</span> <span word="be">be</span> <span word="encouraged">encouraged</span> <span word="to">to</span> <span word="participate">participate</span> <span word="in">in</span> <span word="the">the</span> <span word="process">process</span>, <span word="with">with</span> <span word="measures">measures</span> <span word="to">to</span> <span word="allow">allow</span> <span word="the">the</span> <span word="establishment">establishment</span> <span word="of">of</span> <span word="private">private</span> <span word="equity">equity</span> <span word="funds">funds</span> <span word="focused">focused</span> <span word="on">on</span> <span word="debt">debt</span>-<span word="to">to</span>-<span word="equity">equity</span> <span word="swaps">swaps</span>.</p><p><span word="Financial">Financial</span> <span word="institutions">institutions</span> <span word="including">including</span> <span word="banks">banks</span>, <span word="state">state</span> <span word="capital">capital</span> <span word="investment">investment</span> <span word="companies">companies</span> <span word="and">and</span> <span word="insurers">insurers</span> <span word="will">will</span> <span word="be">be</span> <span word="supported">supported</span> <span word="to">to</span> <span word="conduct">conduct</span> <span word="debt">debt</span>-<span word="to">to</span>-<span word="equity">equity</span> <span word="swaps">swaps</span> <span word="by">by</span> <span word="using">using</span> <span word="existing">existing</span> <span word="units">units</span> <span word="and">and</span> <span word="setting">setting</span> <span word="up">up</span> <span word="new">new</span> <span word="departments">departments</span>.</p>
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