China state planner issues statement on lowering corporate leverage in 2018

China's 'state planner' is the National Development and Reform Commission (NDRC)

• Says China will use monetary policies including targeted RRR cuts to support debt-to-equity swaps
• Will push forward mergers and restructuring to lower corporate leverage

via Reuters

Its rarely just stick in China policy, the carrot of RRR cuts dangled in here too.

Earlier GS comments on China policy made mention of stimulus efforts to support stable growth:

• Goldman Sachs on metal prices - say forming a base