PBOC: China corporate debt levels excessively high, no quick fix

The PBOC governor told Reuters at a news conference on the sidelines of the annual parliament session, "Non-financial corporate leverage is too high," the Start news reports.

Banks will withdraw support for financially unviable firms, he added, saying that "I personally think this process is relatively medium-term. It won't have very obvious results in the short-term because the existing stock (of debt) is very large."