By the end of April, the total value of debt-to-equity sw

ap reached 2.3 trillion yuan ($332.8 billion). More than 20 percent was for the central State-owned enterprises, including China B

aowu Steel Group Co Ltd, State Power Investment Co Ltd, and China Shipbuilding Industry Corp, acc

ording to data from the State-owned Assets Supervision and Administration Commission.

David Lipton, the International Monetary Fund’s first deputy managing director, said: ” (China’s) Cre

dit growth and corporate debt have been reduced thanks to concerted efforts to strengthen fin

ancial regulation, reduce regulatory arbitrage, and improve the framework for financial supervision.”

His statement came after the IMF published a report forecasting that China‘s economic growth is expected to moder

ate to 6.2 percent this year, down from 6.4 percent in the first quarter, as uncertainty around trade tensions rem

ains high and risks are tilted to the downside. Inflation, in the meantime, is projected to rise to 2.3 percent.

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