Media: China will spend up to $15 billion per year on reduced production

Media: China will spend up to $15 billion per year on reduced production


Chinese authorities are planning to cut capacity in the field of metallurgy and coal industry. Funds will be allocated for payment to the employees will be fired.

BEIJING, 22 Jan. The Central financial authorities of the PRC plan to spend each year, about 100 billion yuan (15,1 billion dollars) to reduce capacity in heavy industry in the country, writes the economic newspaper “Jinji, cankao Bao”, citing an informed source.

It is reported that the authorities plan to reduce industrial capacity in such industries as metallurgy and the coal industry.

Approximate capacity reductions will be 4-5 years. Funds will be allocated primarily for payments to employees, which will be fired from their jobs.