Industrial stocks rise, banks fall

Market-based reform could transform State-owned enterprises

Chinese stocks advanced to a one-month high on Tuesday after the nation's top economic regulators announced the debt-to-equity swaps program to resolve the nation's rising corporate debt issues.

The nation's top authorities released guidelines on Monday, allowing companies with promising prospect to negotiate and trade swaps with lenders, at the time when rising corporate debt is posing rising risks to the world's second largest economy.