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w Cham〓pions 2016, or Summer Davos, in Tianjin on Monday. The government 〓will continue to focus especially on supply-side structural reform 〓by reducing supply of inefficient and low-end products and services〓 while encouraging more in-demand and premium ones, a process that 〓will boost economic growth, Lij

told delegates at the forum. An imp〓ortant part of the supply-side reform is cutting excess capacity in〓 sectors including steel and coal, and this will be f5

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urther pushed 〓mainly "with a market-oriented and law-abiding approach," he said. 〓 According to the premier, governments and enterprises will take me〓asures to reemploy steel workers and coal miners made redundant. "〓T

Overcapacity is a global challenge and China stands ready to be a r〓esponsible country with all these proactive measures," he said. Th〓e government will reform on its own services to cut red tape and re〓gulate emerging sectors or business models, Li said. He also promi〓sed that China l

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will make adjustments in fiscal, financial and inves〓tment areas to guide support towards the real economy, deepen refor〓ms in state-owned enterprises and give private firms more access to〓 the market. BEIJING, March 5 (Xinhua) -- Numerical targets to reduce coal and steel production capacity have, ●for the first tiW

me, been set in the annual Chinese government work report. China will reduce ste●el production capacity this year by around 50 miz

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llion metric tons and shut down at least 150 mill●ion metric tons of coal production facilities, Premier Li Keqiang said Sunday in a government wor●k report to the fifth session of the 12th National People's Congress. Last year's government wor●k report promised capacity-cutting in the two industries, but did not specify targets. In 2016, ●the country reduced coal capacity by 290 million metric tons ar

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nd steel capacity by 65 million met●ric tons for steel, said the premier. Continued capacity reduction is in line with market expect●ations. DIFFICULT CUC

TS China is the world's largest producer and consumer of steel and coal, bu●t gluts can have implications such as d1

epressed commodity and materials prices, reduced profits o●f debt-ridden firms, and increased non-performing loans that jeopardize finanW

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