Minister: Govt guiding reforms via subsidies

The central government will provide financial support for corporate debt restructuring and training of laid-off workers, Finance Minister Lou Jiwei said at the annual meeting of the Asian Development Bank's Board of Governors in Frankfurt, Germany, on Tuesday.

The Finance Ministry's current priority, Lou said, is assisting China's supply-side reforms and alleviating the fallout from the painful process of shedding overcapacity and piled-up debt.

Subsidies will support the restructuring of corporate debt and help train laid-off workers for new jobs as the coal and steel industries see shutdowns or shake-ups, Lou said.