BEIJING (Sputnik) — In January, Chinese media reported that Beijing was expected to spend some $15 billion annually implementing a program to reduce the excess capacity of country's heavy industry.
"At the moment coal mining and steel industry are the first where the excess capacities will be reduced. According to the initial estimates in these industries, 1.3 million of people will be retrenched in the coal industry and 500,000 in the steel industry," Yin Weimin told reporters.
In January, China’s State Council announced that it would reduce the excess capacities in the industry in the framework of structural reforms of country's economy.
