China expects to lay off 1.8m workers in coal and steel sectors

Beijing

CHINA said on Monday that it expects to lay off 1.8 million workers in the coal and steel industries, or about 15 per cent of the workforce, as part of efforts to reduce industrial overcapacity, but no timeframe was given.

It was the first time China has given figures that underline the magnitude of its task in dealing with slowing growth and bloated state enterprises.