UPDATE 1-China's Xi urges 'orderly exit' of outdated production capacity, Xinhua says

Chinese President Xi Jinping has called for the "orderly exit" of outdated production capacity and the curbing of "disorderly" price competition, state-run news agency Xinhua reported on Monday, citing an article written by Xi.

China's leaders have pledged to put an end to aggressive price cuts by some Chinese companies, which regulators say are spurring excessive competition that is damaging the economy. "This is a severely affected area of 'involution' and must be effectively managed in accordance with laws and regulations," Xinhua quoted Xi as saying in the article to be published by Qiushi Journal, a flagship party magazine.

Xi said industry associations should play a greater role in self regulation, guiding companies to improve product quality and facilitating the orderly exit of outdated production capacity. The article also called for rectifying wrongdoing in government procurement and bidding processes, and addressing "chaotic" practices by local authorities in attracting business and investment, Xinhua reported.

Xi urged tighter rules on what local governments can and cannot do when promoting economic development, particularly in investment attraction, and reaffirmed China's goal of building a unified national market.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)