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[BEIJING] China's plans to launch a registration-based system on initial public offerings (IPOs) at Shanghai and Shenzhen stock exchanges within two years, state radio reported on Wednesday.
The State Council is awaiting approval from the National People's Congress, the parliament, on the proposal, state radio said, citing a regular cabinet meeting chaired by Premier Li Keqiang.
The cabinet also pledged to take steps to tackle excess factory capacity and deal with so-called zombie firms, while allowing banks to write off more bad loans, state radio said.