Bankruptcy system to be beefed up

China is considering building the personal bankruptcy system and will take measures to root out zombie companies from the market, as part of its greater goal to foster a more efficient economy, said the country's top economic regulator.

The country will promote the establishment of a bankruptcy system for insolvent individuals in a step-by-step way, according to the new reform plan released by the National Development and Reform Commission and 12 other central government agencies.

The plan aims to build a comprehensive personal bankruptcy system by focusing on resolving the joint liabilities arising from corporate bankruptcy and gradually promoting reasonable liability exemptions for individuals, when their consumer debt meets the requirement.