Washington, Dhu-AlQa'dah 9, 1437, Aug 12, 2016, SPA -- The International Monetary Fund (IMF) on Friday expressed concern over corporate debt in China and recommended several steps the country could take to correct the problem, dpa reported. "International experience, including China's own in the 1990s, suggests that tackling a systemic corporate debt problem requires a comprehensive approach," the IMF said following an annual review of the country's economy. "Without this, individual initiatives, like debt-equity conversions, will likely fail." Non-financial corporate domestic debt stood at 120 per cent of gross domestic product (GDP) in 2015 and is projected to grow to 127 per cent of GDP in 2016, according to the IMF. The IMF outlined a strategy for reducing the debt, saying it would affect "swathes of people" and require "politically challenging decisions." The measures include tightening budget constraints on state-owned businesses, restructuring or liquidating indebted firms and sharing losses among relevant parties, including the government if necessary. --SPA 23:25 LOCAL TIME 20:25 GMT www.spa.gov.sa/w