China to cut overcapacity, help companies out

China will provide full support for the coal and steel sectors, which suffer serious overcapacity, to help them getting out of current difficulties.

Li said the country will carefully study market conditions to set a reasonable target for the next three years.

That’s according to an official statement issued on Thursday following a meeting held in Taiyuan, north China’s Shanxi Province.

Citing Premier Li Keqiang, the statement said since last year, overcapacity in those sectors became a prominent problem due to weak demand at home and abroad and dropping commodity prices on the global market.

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