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China to soon cut coal, steel overcapacity


05-12-2016 15:02 BJT

A spokesman for the State Council says China will soon implement its plan to reduce overcapacity in the steel and coal sectors. Spokesman Zhao Chenxin said at a news conference Thursday that an inter-ministerial conference on reducing overcapacity has agreed on some key problems, including the reallocation of workers.

Zhao says regulations concerning a government fund to support companies' restructuring will be issued soon. He also says provinces affected by overcapacity are developing plans to gradually shut down their outdated production facilities.

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