China says debt-for-equity program not finalized, will exclude 'zombie firms'

June 23, 2016 8:39 AM

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BEIJING China's ability to boost economic growth is vital for lowering debt levels, a banking regulator official said on Thursday.

Banks' bad loan ratios are rising but are still at relatively low levels, the official said, adding that banks have written off 2 trillion yuan ($304 billion) worth of bad loans in the past three years.

Also read: China Growth Holds at 6.7%, Backed by Government and Consumers

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