As much as $23 billion has been set aside to cover the layoffs of people who worked in the steel and coal industries. Part of the money will go toward paying debt owed by "zombie firms" of the state.
"Zombie firms" are state companies that were marked for closure but have been kept open, with some paid employees remaining, in order to help maintain local economies. Much debt has been accumulated by these corporations, and the debt could easily bankrupt local banks if not handled properly.
Keywords: China, lay off, employees, zombie, state