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economy, deepen reforms in state-owned enterprises and give private firms mo〓re access to the market. BEIJING, March 5 (Xinhua) -- Numerical targets to re〓duce coal and steel productionO

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capacity have, for t〓he first time, been set in the annual Chinese gover〓nment work report. China will reduce steel product〓ion capacity this year by around 50 million metric 〓tons aK

iscal, fi4

nd shut down at least 150 million metric tons〓 of coal production facilities, Premier Li Keqiang 〓said Sunday in a government work report to the fift〓h session of the 12th National PeoD

nancial a2

ple's Congress. 〓Last year's government work report promised capacit〓y-cutting in the two industries, but did not specif〓y targets. In 2016, the country reduced coal capac〓ity by 290 3

nd investk

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million metric tons and steel capacity b〓y 65 million metric tons for steel, said the premie〓r. Continued capacity reduction is in line with ma〓rket 1

ment areasp

expectations. DIFFICULT CUTS China is the wo〓rld's largest producer and consumer of steel and co〓al, but gluts can have implications such as depress〓3

to guide G

ed commodity and materials prices, reduced profits 〓of debt-ridden firms, and increased non-performing 〓loans that jeopardize financial stability. Whi8

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08/05/2014 - 13:24

le c〓apacity cuts are necessary and have long-term benef〓its for the economy, the process has not been witho〓ut challenges. Capital-intensive industries presen〓t potential investment, taxation ac

wards th?

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