China can cut production capacity in the steel and coal industries in 2016 prior to the scheduled terms

Date: 13:23, 26-10-2016.

Almaty. October 26. Silkroadnews – China can reduce production capacity in the steel and coal industries in 2016 prior to the scheduled terms, “Xinhua” agency says.

“By the end of September 2016 metallurgical and coal industry of China has already completed more than 80% of the annual plan for the production capacity cuts. With the current rate the targets on production capacity cuts in these industries can be completed earlier than it was planned”, the statement said.

Xu Kunlin, deputy secretary-general of the National Development and Reform Commission (NDRC) of the PRC, noted that by the end of this September a part of the regions and the central enterprises have already fulfilled the annual plan on production capacity cut.

The situation with the development of the steel and coal sectors has improved considerably due to cut in their production capacity. In the first three quarters of 2016, China’s crude steel production increased 0.4%, while coal production decreased by 10.5% compared with the same period of last year. The economic efficiency of enterprises operating in these sectors is gradually increasing. In the first eight months of this year profit of the country’s large coal mining enterprises grew 15% compared with January-August of last year.

Share the news: