China to adjust monetary policy for parts of economy in need

BEIJING (Reuters) - China will adjust its monetary policy to target specific areas of the economy that are in need of support, the Chinese cabinet said on Wednesday after a weekly meeting.

The levying of value-added taxes will also be simplified to reduce the burden on companies, the government said on its Twitter-like Weibo account.

(Reporting by Koh Gui Qing; Editing by Simon Cameron-Moore)