Corporate debt level 'is too high'

A senior lawmaker has made it clear that China's debt is under control.

But Wu Xiaoling, deputy director of the Financial and Economic Affairs Committee of the National People's Congress, said it was urgent to address the red ink being built up by the companies.

"The government is pushing forward with the reduction of overcapacity, destocking and deleveraging, but it does not mean that we will decrease the leverage ratio to zero," said Wu, who is also the dean of the PBC School of Finance at Tsinghua University.