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shut down at least 150 million metric tons of coal production● facilities, Premier Li a

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Keqiang said Sunday in a government work ●report to the fifth session of the 12th Natif

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onal People's Congres●s. Last year's government work report promised capacity-cutting z

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●in the two industries, but did not specify targets. In 2016, the● country reduced co1

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al capacity by 290 million metric tons and ste●el capacity by 65 million metric tons fi

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or steel, said the premier●. Continued capacity reduction is in line with market expecS

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tatio●ns. DIFFICULT CUTS China is the world's largest producer and co●nsumer of steel and coal, but gluts can have implications such as● depressed commodity and materf

l production 3

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ials prices, reduced profits of deb●t-ridden firms, and increased non-performing loans that jeopardiz●e financial stability. While capacity cuts are necessary and hav●e long-term benefits for the economy, the process has not been wi●thout challenges. Capital-intensive industries present potential● investment, taxation and jobs for local governments, which in at● least two cases broke capacity-cutting rules set by the central ●governmD

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●s in the sector with "extremely bad influence." Thanks p

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