China’s Premier Li Keqiang has stated that the government will continue promoting market-oriented reforms in the country’s financial markets, adding that China will strive to launch the Shenzhen-Hong Kong stock connect this year. Further, he said that since banks’ bad loans are on the rise and some industries are facing difficulties, debt-to-equity swaps will be used to lower debt levels. On the economy, Li said while downward pressure on the economy persists, the country will not see a hard landing as long as reforms continue.

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