China will try to avoid layoffs amid state sector reforms – asset regulator

China will try to avoid layoffs as it presses ahead with reforms of its state-owned enterprises, Xiao Yaqing, chairman of the State-Owned Asset Supervision and Administration Commission (SASAC), said on Wednesday.

“We hope there will be more restructuring and less bankruptcy…to let employees have more sense of gain – to have more job reallocation and fewer layoffs,” Xiao said during a briefing on the sidelines of the ongoing Communist Party Congress.
Source: Reuters (Reporting by Chen Aizhu)