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Chinese Govt Says Financial System Must Support Economy

China’s Cabinet said the nation’s financial system must better support economic growth and restructuring, after a surge in credit failed to ignite growth and interbank borrowing costs jumped to the highest since 2006.

Authorities will boost credit support for industries the government has defined as strategic and those that are labor-intensive, the State Council said in Beijing yesterday after a meeting led by Premier Li Keqiang. The nation must also more firmly guard against financial risks, it said.