The 5.1 percentage point growth of leverage ratio is

 out of our 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 measur

es will be introduced to ease the debt burden, es

pecially 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 com

panies’ shares, the NDRC official said. “We will choose more qualified private companies to join this program.”

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