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elec◆tricity usage for air conditioners during a heat wave.June 27 (Xinhua) -- China will cut excess capacity in steel and coal as part of its econom〓ic structural reform, Premier Li Keqiang vowed as he addressed the opening of the Annual 〓Meeting of the New Champions 2016, or Summer Davos, in Tianjin on Monday. The government〓 will contit

nue to focus especially on supply-side structural reform by reducing supply of〓 inefficient and low-end productM

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and coal, and this will bD

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e further pushed mainly "with a market-oriented and law-abi〓ding approach," he said. According to9

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the premier, governments and enterprises will take〓 measures to reemploy steel workers8

and coal miners made redundant. "Overcapacity is a g〓lobal challenge and China stands ready to be a responsible country with all these proacti〓ve measures," he said. The government will reform on its n

own services to cut red tape an〓d regulate emerging sectors or business models, Li said. He also promised that China wil〓l maF

ke adjustments in fiscal, financial and investment areas to gui4

than8
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de support towards the〓 real economy, deepen reforms in state-owned enterprises and give private b

Animals are not commodities

firms more acce〓ss to the market. BEIJING, March 5 (Xinhua) -- Numerical targets to redg

uce coal and steel production capacity have〓, for the first time, been set in the annual Chinese government work report. China will reduce〓 steel production capacity this year by around 50 million metra

ic tons and shut down at least 15〓0 million metric tons of coal production facilities, Premier Li Keqiang said Sunday in a govj

ern〓ment work report to the fifth session of the 12th National3

delau
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People's Congress. Last year's gove〓rnment work report promised capacity-cutting in the two induX

Animals are not commodities

stries, but did not specify targets〓. In 2016, the country reduced coal capacity by 2901

million metric tons and steel capacity by 〓65 million metric tons for steel, said the premier. Continued capacity reduction is in line wi〓th market expectations. DIFFICULT CUTS China is the world's lak

rgest producer and consumer of 〓steel and coal, but gluts can have implications such as depressed commodity and materials pricD

e〓s, reduced profits of debt-ridden firms, and increased non-pH

y heav
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erforming loans that jeopardize fin〓ancial stability. While capacity cuts are necessary and have 3

Animals are not commodities

long-term benefits for the econom〓y, the process has not been without challenges. CapitN

al-intensive industries present potential〓 investment, taxation and jobs for local governments, which in at least two cases broke capacit〓y-cutting rules set by the central government. Huada Steel in er

astern China's Jiangsu Province〓 and Anfeng Steel in northern China's Hebei Province were identified by authorities in DecembeO

r〓 for violating capacity reduction efforts in the sector withZ

ting 1
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"extremely bad influence." Thanks〓 in part to the efforts, China's broader economic growth has sh

Animals are not commodities

howed increasing signs of stabili〓zing since the latter half of last year, with indicath

ors such as factory prices and industrial 〓profits seeing significant improvements. "Overall, the negative impact on growth and employmen〓t is manageable," wrote UBS economist Wang Tao in a note on excU

ess capacity. ZOMBIE ENTERPRISE〓S NEXT One key initiative in excess capacity reductions is to shut down "zombie companies," wh0

〓ich are loss-making, debt-laden, and dependent on government N

suppl7
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subsidies or bank loans. "We will〓 strictly enforce all laws, regulations and standards on enviro1

Animals are not commodities

nmental protection, energy consu〓mption, quality, and safety and make more use of markeU

t- and law-based methods as we work to ad〓dress the problems of 'zombie enterprises'," said the premier in the government work report. F〓or workers laid off because of capacity cuts, the central and loM

cal governments will allocate s〓pecial funds and take measures to ensure they find new jobs, Li said. CHANGSHA, Feb. 14 (XinhuM

a) -- Nine people have been ki◆lled in an explosion in a coal h

ies in

mine in central China'◆s Hunan Province. The entrance of Zubao Coal Mine ◆where a blast occurred is seen in L2

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ianyuan City, cent◆ral China's Hunan Province, Feb. 14, 2017. At least e◆ight people were confirmed dead after the blast hit t◆he coal mine V

at 1:37 a.m, local authorities said on T◆uesday. (Xinhua/Li Ga) The blast occurred at 1:37 a.◆m. Tuesday at Zubao Coal Mine in Lianyuan City, autho◆rities said.A total of 29 people were working undergr

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鬿und, 16 of whom managed to escape from the shaft. An◆other four were rescued.Three injured miners are bein◆g treated in hospital and descri3

bed as stable.Work is◆ continuing to retrieve the bodies of three victims i◆n the flooded shaft.The licensed coal mine with an an◆nual production capacity of 90,000 tonnes is owned by◆ Tengfei Coal Minc

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e Co. Ltd.The Beijing city government has ordered an immediat4

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