Targets for overcapacity cuts met
Print Edition
CHINA has accomplished its goals for cutting excess capacity in 2015, authorities said yesterday.
All local governments met their annual goals to reduce excess capacity in 16 sectors, including electricity, coal, steel and cement, according to a statement released by the Ministry of Industry and Information Technology and the National Energy Administration.
Last year, China cut production by about 5.3 million kilowatts of electricity, 101 million tons of coal and 31 million tons of crude iron and steel, against the annual reduction goals of 4.2 million kilowatts, 78 million tons and 30 million tons respectively.
Cutting overcapacity is high on the central government’s reform agenda as excess capacity in steel and coal weighed on the country’s overall economic performance.
China plans to cut steel and coal capacity by about 10 percent, or as much as 150 million tonnes of steel and half a billion tonnes of coal, in the next few years.
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