China’s State Council has stated that 2016 witnessed great accomplishments in overcapacity reduction with China’s production capacities for steel and coal being cut by 65 million metric tons and 290 million metric tons, respectively. Meanwhile, in 2016 700,000 workers were relocated from the two industries in question.
The State Council stressed that overcapacity reduction is a significant part of current supply-side structural reforms and that it is paying great attention to the issue.