Li says massive layoffs will be avoided
Print Edition
CHINA will balance reform and development to avoid massive layoffs while cutting overcapacity, Premier Li Keqiang said yesterday.
China is determined to press ahead with its reform agenda, and reform and development are not in conflict, as pursuing structural reforms can further release market vitality and drive economic growth, Li said.
Some sectors are burdened by overcapacity, especially in heavy and petrochemical industries, Li said, and China has selected the steel and coal sectors to start cutting overcapacity while avoiding massive layoffs.
In the past two years, China has phased out more than 100 million tons of steel-making capacity involving a million employees.
Li said there were sufficient resources to help laid-off workers. The central government is allocating 100 billion yuan (US$15 billion) to help them find jobs.
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