SOE debt in crosshairs as quality boost becomes target

Better management and supervision of assets, liabilities is front line of change

The average debt-to-asset ratio for State-owned enterprises will be reduced by 2 percentage points by the end of 2020 compared with the end of last year, amid the deleveraging campaign to guard against major risks.

The goal was disclosed in a guideline, released on Thursday by the general offices of the Communist Party of China Central Committee and the State Council, China's Cabinet, to strengthen asset and liability constraints on SOEs. The guideline covers SOEs in all industries.