China expects to lay off 1.8m workers in coal and steel sectors
Beijing to allocate 100 billion yuan over 2 years to relocate workers laid off as country tries to curb overcapacity
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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.
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