The deleveraging is one of China's significant tasks as it continues its supply-side structural reforms, and is viewed as important for the country’s economic development.

"For example, we are tightening credit to industries with overcapacity problems, or environmental pollution. On the other hand, we should support new and strategic industries, innovative enterprises, and small enterprises," said Hong Qi, the chairman of Minsheng Bank.

The deleveraging is also an important task in the financial sector. Hong said the lender is stepping up deleveraging efforts to serve the needs of China's real economy better.

"China's economy is now undergoing a transitional period. The problem of overcapacity and high leveraging are posing risks to China's financial sector. The deleveraging, de-stocking and cutting overcapacity are the fundamental ways to prevent risks in the financial sector," Hong added.

Government efforts included tightening control of interbank activities and off-balance-sheet wealth management products and specifying new rules for loosely regulated emerging businesses to clean up the cash loan, or microlending, market. 

"The overall leveraging level of China's financial sector has increased marginally in the first three quarters of this year. Financial risks are basically under control. We can definitely win this battle. Generally speaking, reform and opening-up strengthened China's resilience to fend off risks. As a result, we should uphold reforms and opening-up in the deleveraging process," said Yi Gang, vice governor of People’s Bank of China.

Analysts say deleveraging efforts will continue, as the prevention of financial risks has been named one of China's three principal battles. Financial institutions will be under pressure this year, but analysts also say that the move will remain positive in the long run.