China's economic planner calls for accelerated capacity cuts to steel, coal
Add BT as a preferred source
[SHANGHAI] China's economic planning agency said the country should quicken the pace of capacity reductions in steel and coal, adding that rising prices for the commodities were weakening the resolve of local governments to accelerate the cuts.
Zhao Chenxin, spokesperson for the National Development and Reform Commission, said at a press conference on Tuesday that localities are worried that capacity cuts could hurt local growth.
China's steel capacity cuts in the first seven months of the year are behind schedule, accounting for 47 per cent of the target for the year, while coal capacity cuts have reached only 38 per cent of the annual target.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Singtel Q1 gain drops 71% to S$818 million in absence of Airtel stake sale; weaker Singapore business
Sembcorp raises interim dividend despite 72% H1 profit slide to S$150 million on Alinta deal costs
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
CDL H1 profit jumps three times to S$301 million on strong condo sales, doubles interim dividend
