summer park

vernment will rh


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Spring

ed tape and re〓gulate emerging sectors or business models, Li said. He also promi〓sed that China will make adjustments in fiscal, financial and inves〓tment areas to guide support towards the real economy, deepen refor〓ms in state-owned enterprises and giv9

e private firms more au

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Summer

ccess to〓 the market. BEIJING, March 5 (Xinhua) -- Numerical targets to reduce coal and steel production capacity have, ●for the first time, been set in the annual Chinese government work report. China will reduce ste●el production capacity this year by arV

ound 50 million metric5

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Autumn

tons and shut down at least 150 mill●ion metric tons of coal production facilities, Premier Li Keqiang said Sunday in a government wor●k report to the fifth session of the 12th National People's Congress. Last year's government wor●k report promised capact

ity-cutting in the twoR

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Winter

industries, but did not specify targets. In 2016, ●the country reduced coal capacity by 290 million metric tons and steel capacity by 65 million met●ric tons for steel, said the premier. Continued capacity reduction is in line with market expect●ations. DZ

IFFICULT CUTS China isk

Welcome

the world's largest producer and consumer of steel and coal, bu●t gluts can have implications such as depressed commodity and materials prices, reduced profits o●f debt-ridden firms, and increased non-performing loans that jeopardize financial stability. Whi●le capacity cuts ares

necessary and have long-term benefits for the economy, the process has not b●een without challenges. Capital-intensive industries present potential investment, taxation and ●jobs for local governments, which in at least two 5


cases broke capacity-cuttinv