06 March, 2017
Courtesy of the Australian
China’s economic planning agency pledged to continue its push to cut overcapacity in some industrial sectors, aiming at reducing steel production capacity by about 50 million tonnes and coal by at least 150 million tonnes this year.
Last year, the government cut steel overcapacity by 45 million tonnes and coal by 250 million tonnes.
The government also aims to realise 9 per cent growth in fixed-asset investment this year, the National Development and Reform Commission said in a report delivered at the National People’s Congress.
Beijing had set a 10.5 per cent growth target for fixed-asset investment in 2016, but the actual growth came in much slower at 8.1 per cent amid a slowdown in the world’s second-largest economy.
The NDRC said it expected retail sales to increase by about 10 per cent in 2017, compared with a target of 11 per cent in 2016. Last year, China’s retail sales rose 10.4 per cent from a year earlier.