Lou Jiwei: Market Must Clear Overproduction

Xinhua: Market forces must guide industrial capacity cut: finance minister
China will continue to cut excess production capacity, but will rely on market forces, not government-set targets, to do so, Finance Minister Lou Jiwei said on Monday, as an annual high-level dialogue between China and United States kicked off.

Speaking at a press briefing, Lou said China has attached great importance to cutting industrial overcapacity, and that measures have been taken to eliminate 90 million tonnes of steel production capacity.

But he ruled out the possibility of working out a quantitative target initiated by the government.
But in Handan the government put equipment under 24 hour surveillance because the market was adding production...

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