AsiaNews Magazine Jan10-16,2014 ( Jan 1-7,2014) | Page 25

BUSINESS

January 10-16, 2014

Eliminating redundancy
Overcapacity is one of the major problems in the world's
economic cycles. Now it's China's turn to deal with it

DU JUAN AND ZHONG NAN
China Daily
Beijing

T
THE STATE COUNCIL, CHINA'S CABINET, PLANS TO CUT 80 MILLION METRIC TONNES OF STEEL
PRODUCTION CAPACITY IN FIVE YEARS, WHICH IS AIMED AT IMPROVING AIR QUALITY AND HELPING
AN INDUSTRY HIT HARD BY DESTRUCTIVE COMPETITION.

he central
government carried
out a series of
measures designed
to ease the problem,
trying to establish a longterm system to solve it
and accelerate industrial
upgrading in 2013.
President Xi Jinping has
stressed that the country
will no longer evaluate
local governments'
performance by GDP
growth alone.