China's restructuring will not lead to mass layoffs: regulator

China's economic restructuring will not lead to the kind of mass layoffs that took place in the 1990s, the country's state assets regulator said on Saturday. China will focus on mergers and restructuring, not bankruptcies, Xiao Yaqing, the head of the State-owned Assets Supervision and Administration Commission (SASAC), told a news conference. As it tries to rejuvenate its economy, China aims to reduce the number of central government-managed enterprises and launch pilot programs that will allow