Business Briefs – March 16, 2016

China’s Li Pledges More Reform, Tries to Reassure on Growth

BEIJING (AP) – Chinese Premier Li Keqiang on Wednesday promised more market-opening reforms and said Beijing can keep slowing growth on track, seeking to reassure jittery global markets about the outlook for the world’s No. 2 economy.

Speaking at a news conference, Li promised to shrink bloated steel and coal industries, make the financial system more market-oriented and reduce the government’s role in business. He expressed confidence that despite such wrenching change, the world’s second-largest economy can achieve its official growth target of 6.5 to 7 percent and avoid mass job losses.

AP Sources: Autonomous Braking To Be in Most Cars by 2022

DETROIT (AP) – Major automakers and the U.S. government have reached agreement to make automatic emergency braking standard equipment on most cars by 2022, two people briefed on the deal said.

The agreement will be announced Thursday by automakers and the National Highway Traffic Safety Administration. Automakers will phase in the equipment on nearly all models except some with older electronic capabilities and some with manual transmissions, said the people, who spoke on condition of anonymity because terms of the agreement haven’t been announced.

Automatic emergency braking uses cameras, radar and other sensors to see objects in the way and slow or stop a vehicle if the driver doesn’t react.

U.S. Factory Output Picks Up In February for 2nd Month

WASHINGTON (AP) – U.S. factories produced more machinery, appliances and other goods last month, the second straight increase in output and a sign manufacturing may be stabilizing after a difficult year.

The Federal Reserve said Wednesday that factory production rose 0.2 percent in February, after rising 0.5 percent the previous month. The increases in the past two months follow four declines in the previous five months.