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China's State Council plans to work with banks to bring about an orderly closing of factories in...

China's State Council plans to work with banks to bring about an orderly closing of factories in sectors that suffer from over-capacity. However, the government will continue to make sure that companies with competitive products will have access to credit. As HSBC economist Li Huiyong indicates, the move demonstrates China's resolve to focus on restructuring "rather than providing more liquidity to support growth."
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