Xi Jinping pledges to deal with “zombie companies”
China's president spoke on Monday of the governments determination to grab the proverbial "bull's nose" of "zombie companies" that have been holding back economic reforms.
In a meeting of China’s Central Leading Group on Finance and Economic Affairs, Chinese President Xi Jinping spoke on the priorities for 2017, emphasizing the need to guard against financial risk and establish coordinated oversight, according to Xinhua News Agency. Xi also reiterated the Chinese government’s long promised goal of dealing with “zombie companies,” failing entities that have been kept on life support by banks. He said that the government must work to provide employment and training for the workforce.