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China to resolve industrial overcapacity, focus on coal, steel - Li | Reuters

BEIJING China will resolve overcapacity in industry, with a focus on the steel and coal sectors, and appropriately deal with "zombie" companies this year, Premier Li Keqiang said in remarks prepared for delivery at the opening of the annual meeting of parliament.

Li reiterated on Saturday that the exchange rate of the yuan, also known as the renminbi, would be kept basically stable this year, while Beijing would continue to improve the exchange rate regime.

The government would strengthen macro prudential management of foreign debt and take measures to prevent regional systemic risk, Li said.

On stock markets, Li said the government would launch the Shenzhen-Hong Kong stock connect scheme at "an appropriate time".

(Reporting By Jake Spring and Kevin Yao; Writing by by John Ruwitch)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Mar 05, 2016 07:00 AM

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