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Cash for capacity cuts
Source: Xinhua |
May 19, 2016, Thursday
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Print Edition
Print Edition
CHINA will pay 100 billion yuan (US$15.3 billion) in subsidies to steel and coal companies that reduce capacity, the Ministry of Finance said yesterday.
The funds will mainly be used to resettle laid-off workers, the statement said. The government will also take a “combination of measures” to resolve overcapacity, including tax, land, fiscal and financial reform, it said.
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