China Premier Li: govt to keep promoting reforms in financial markets

[BEIJING] China's Premier Li Keqiang said the government will keep promoting market-oriented reforms in the country's financial markets and will improve coordination in financial regulation.

The financial system primarily needs to support the real economy and financial institutions need to support smaller companies, Mr Li said at a news conference on Wednesday at the end of the annual meeting of parliament.

Banks' bad loans are on the rise and some industries are facing difficulties, he said, adding that lenders have sufficient bad-loan provisions to cope with risks.

Debt-to-equity swaps will be used to lower debt levels, Li said.

REUTERS