President Xi turns deleveraging sights on local governments, state firms

BEIJING: China’s President Xi Jinping urged local governments and companies – especially state-owned enterprises (SOEs) – to speed up efforts to reduce debt, as part of what he called the “critical battles” against financial risk, pollution and poverty.

Xi made the comments at the first meeting of China’s Central Committee for Financial and Economic Affairs, previously the Leading Group for Financial and Economic Affairs, in Beijing on Monday, the state-run Xinhua News Agency reported, citing a statement from the meeting.