China declares determination to eliminate‘zombie companies’

zombie companies
zombie companies

By Huan Xiang from People’s Daily-Chinese President Xi Jinping reiterated on Tuesday the central government’s determination to

weed out “zombie companies” that have been holding back economic reforms, in a bid to move

forward its plan to reduce excess industrial capacity.

Xi made the comment at a meeting of the Central Leading Group on Finance and Economic

Affairs, while describing those companies as "bull's nose."

"Zombie company" refers to a company that needs bailouts to operate, or an indebted company

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Mareeg senior news editor since 2001 and he can be reached at news@mareeg.com