China sets up coal asset management firm to push overcapacity cut
[SHANGHAI] China has set up a coal asset management firm as part of its effort to reduce excess capacity in the sector, China's state-owned assets regulator said.
China Shenhua Group, China National Coal Group Corp, China Reform Holdings Corp and China Chengtong Holdings Group have jointly set up the firm, the State-owned Assets Supervision and Administration Commission said in a website statement.
The asset management firm will be mainly used to help cut overcapacity, push consolidation for state-owned coal resources and promote state-owned coal companies to restructure and upgrade.
China has vowed to tackle price-sapping supply gluts in major industrial sectors, and said in February it would close 100 million to 150 million tonnes of steel capacity and 500 million tonnes of coal production in the coming three to five years.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns