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Central SOEs urged to cut 15% capacity by 2020


07-08-2016 16:19 BJT

China is putting a freeze on approvals of new coal mining projects in the next three years and is urging central government-run steel and coal companies to cut capacity aggresively through 2020, according to the country’s new regulation announced Thursday and Friday.

 Those top SOEs are asked to slash 10 percent of their coal and steel capacity in the coming two years and to wipe off 15 percent capacity in total by 2020.

China is also putting approvals on new steel plants on hold. Beijing has warned it would punish some of the GDP obsessed regional governments for failing to close unneeded coal mines and steel mills. One official says the reform deadline is tight.

"We will give each local government quotas for cutting unneeded capacity before July 15. Tasks will be given to every company, every production line, and every mine to make sure the job will be done,” said Xu Shaoshi, NDRC chairman.

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