Debt-for-equity program speeds up

Lenders pushing to reduce companies' high leverage levels

China's biggest banks are accelerating their debt-for-equity program to offload distressed debts and to help reduce high corporate leverage.

The country's big five lenders pledged in their annual earnings reports to continue to push the debt-for-equity program - one of the country's solutions to reduce the corporate debt burden and contain the risk of corporate credit defaults, which is threatening the country's financial system.