Going overseas the solution to China's supply glut
Only route is to shift production facilities abroad, where demand still has potential to grow: official
Beijing
CHINA'S problems with industrial overcapacity remain severe and the only way to solve them is by shifting production facilities abroad, where demand still has the potential to grow, an official at the industry ministry said on Wednesday.
A decade of rapid industrial expansion has saddled China with price-sapping supply gluts in sectors such as coal, glassmaking, cement, aluminium and steel, but despite several policy initiatives, the government has struggled to force outdated and loss-making plants to restructure or shut down.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US mulls first green-bond sales to tap a US$2.6 trillion market
US factory activity shrinks with price gauge highest since 2022
Hong Kong faces uphill battle to lure back Chinese tourists
Weak yen boosts tourist wallets in Japan
Gas prices are putting Washington’s boldest climate policy at risk
India collects record 2.10 trillion rupees as goods and services tax in April