April 20, 2018 / 10:02 AM / a year ago

China will urge banks to withdraw loans to sectors with excess capacity: planner

A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

BEIJING (Reuters) - China will encourage financial institutions to withdraw loans from sectors with excess capacity, in a market-based way, the state planner said on Friday.

In a statement jointly issued by the industry ministry, finance ministry and other regulators on major tasks of overcapacity cut in 2018, the National Development and Reform Commission also said China will promote mixed-ownership reform of state-owned firms among steel, coal and coal-fired power sectors to speed up the integrated development of those industries.

China will also guide local regions and firms to orderly promote coal-fire power projects, the NDRC added.

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill

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