14:06 GMT +326 September 2017
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    China Will Spend About $15Bln Annually to Reduce Heavy Industry Capacity

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    The Chinese government plans to spend about 100 billion yuan ($15.2 billion) to reduce the capacity of the country's heavy industry, local media reported.

    BEIJING (Sputnik) — Beijing intends to cut capacity in such areas as metallurgy and coal mining, the Chinese economic daily Jingji Cankao Bao reported, citing sources in the financial authorities.

    According to the newspaper, the approximate time required for this reduction is between four and five years.

    The allocated funds will be primarily spent on benefits for employees who will be made redundant as a result of the industry capacity cuts.

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