State Council promises support for firms expanding overseas

China’s State Council pledged more support for domestic firms’ overseas expansion on Wednesday, particularly in the nuclear power and railway sectors, Reuters reported, citing state media. The new measures would also aid steel, construction and equipment-making firms in “going out” by boosting trade and investment deals and pushing economic restructuring, the cabinet said in a statement on its website. It also pledged greater support for firms issuing stocks and bonds overseas and to broaden the use of foreign exchange reserves of US$3.84 trillion to drive their growth.