December 11, 2015 / 2:43 AM / 4 years ago

China says loss-making state firms should exit market

BEIJING, Dec 11 (Reuters) - China’s state-owned firms that suffer three consecutive years of losses should exit the market through bankruptcy or other means, the country’s state asset supervisor said in a statement on Friday.

“We will close, suspend, combine, divert, peel off or reorganize long-term, loss-making enterprises which are in the overcapacity industry and could not meet the state standards of energy consumption, environment protection, quality and safety,” the state-owned Assets Supervision and Administration (SASAC)added in the statement.

The comment follows a urge from China’s premier Li Keqiang to clean zombie firms and tackle serious overcapacity in some industries. (Reporting by Aizhu Chen and John Ruwitch; Editing by Michael Perry)

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