Li pledges `market solutions' for economy -
Tuesday, January 12, 2016
China will use market solutions to ease its overcapacity woes and will not use investment stimulus to expand demand, Premier Li Keqiang said during a recent visit to northern Shanxi province, according to state media.
"We will let the market play a decisive role, we will let businesses compete against each other and let those unable to compete die out," the state-run Beijing News quoted Li as saying. "At the same time, we need to prioritize new forms of economic development."Li said the country needs to improve existing production facilities because even during an enormous steel glut last year, China had to import certain high-quality steel products including the tips of ballpoint pens.