International Business

China to Declare Factories Bankrupt: The government said it will soon declare bankrupt an unspecified number of state-owned factories that have been soaking up state subsidies with no hope of reversing their losses. The State Council, or Cabinet, will identify the firms in an imminent decree that will also specify how their debts and workers will be managed, the China Daily newspaper reported. State Councilor Li Tieying, in charge of economic restructuring, said last week that reforming the state sector will be Beijing’s key focus for reform in 1995.