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Steel Industry Insight

MIIT: Supply side reform performs well

Miao Wei, Minister of Ministry of Industry and Information Technology (MIIT), stated on the national conference of industry and information that China’s industrial economy has shown a stabilized trend in 2017, indicating supply side reform having played an important role.

According to preliminary statistics, in 2017, China’s overall value-added industrial output will increase by 6.5 percent year on year, while energy consumption per unit value-added industrial output will decrease by 4.0 percent year on year. Meanwhile, the application of new energy vehicle will exceed 700,000 units, while the holdings of new energy vehicle will exceed 1.70 million units, listing top one among the world for consecutive three years.

In the given year, China has completed the capacity elimination task of 50.0 million mt of steel capacity, completely eliminated 140 million mt of low-grade construction steel.

As for the development aim in 2018 in industrial field, Mr Miao said that the overall value-added industrial output will increase by 6.0 percent year on year, while energy consumption per unit value-added industrial output will decrease by 4.0 percent year on year.

*This was published on SteelOrbis website on December 26, 2017.


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