Group will tackle mounting debt

China's central government will establish a leading group with a clear mandate to deal with growing debt, which has become a major concern for the world's second-largest economy, a senior government economist said on Wednesday.

Li Yang, chairman of the National Institution for Finance and Development, said that the central government is well aware of the possible risks of mounting debt - especially in the non-financial corporate sector - and will act to tackle the debt issue in a timely manner.

"The group to be established will play a key role in resolving the debt problems that no single major regulator or financial governor could tackle in the public, corporate and banking sectors," he said.