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and this will be further p〓ushed mainly "with a market-oriented and law-abiding approach," he said. According〓 to the premier, governments and enterprises will take measures to reemploy steeU

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l w〓orkers and coal miners made redundant. "Overcapacity is a global challenge and Chi〓na stands ready to be a responsible country with all these proactive measures," he 〓said. The governmeM

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nt will reform on its own services to cut red tape and regulate 〓emerging sectors or business models, Li said. He also promised that China will mak〓e adjustments in fiscal, financial and inv0

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estment areas to guide support towards th〓e real economy, deepen reforms in state-owned enterprises and give private firms mo〓re access to the market. BEIJING, March 5 (Xinhua) -- Numerical J

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targets to re〓duce coal and steel production 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 y6

ear by around 50 million s

  • metric 〓tons and 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 People's Congress. z

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  • 〓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 million metric tons and steel capacity b〓y 65t

    • , Premii
  • million metric tons for steel, said the premie〓r. Continued capacity reduction is in line with ma〓rket expectations. DIFFICULT CUTS China is the wo〓rld's largest producer and consumer of steel and co〓al, but glO

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uts can have implications such as depress〓ed commodity and materials prices, reduced profits 〓of debt-ridden firms, and increased non-performing 〓loans that jeopardize financial stability. While c〓apaciG

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ty 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 pote0

  • ntial investment, taxation and jobs for local〓 governments, which in at least two cases broke cap〓acity-cutting rules set by the central government. 〓 Huada Steel in eastern China's Jiangsuz

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    ovince an〓d Anfeng Steel in northern China'sT

    Hebei Province w〓ere identified by authorities in December for viola〓ting capacity reduction efforts in the sector with 〓"extremely bad influence." Thanks in part to the e〓fforts, China'sL

    b〓5

    oader economic growth has showed 〓increasingc

    signs of stabilizing since the latter ha〓lf of last year, with indicators such as factory pr〓ices and industrial profits seeing significant impr〓ovements. "Overall, the negative impact on m

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    wth 〓and employment is manageable," wrote UBe

  • S economist 〓Wang Tao in a note on excess capacity. ZOMBIE ENTE〓RPRISES NEXT One key initiative in excess capacity〓 reductions is to shut down "zombie companies," whi〓ch are loss-making, dh

    New

    -laden, and dependent on go〓vernment subsidiY

    es or bank loans. "We will strictl〓y enforce all laws, regulations and standards on en〓vironmental protection, energy consumption, quality〓, and safety and make more use of market- and law-6

    New

    ased methods as we work to address the problec

    ms of 〓'zombie enterprises'," said the premier in the gove〓rnment work report. For workers laid off because o〓f capacity cuts, the central and local governments 〓will allocate special fundz

    New

    nd take measures to en〓sure they find new jo3

y reducH

Any thing els you want to know? or Ready?.

bs, Li said. CHANGSHA, Feb. 14 (Xinhua) -- Nine people have been killed in an explosion in a coal min◆e in central China's Hunan Province. The entrance of Zubao Coal Mine where a blast o◆ccurred is seen in Liany2

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