|China steel, coal capacity cut target "basically" achieved: State Council
China has "basically" achieved its annual steel and coal capacity reduction goals this year, the State Council said, hailing the country's coordinated efforts to deliver the target.
While speaking highly of the hard-won results, the State Council also noted problems such as uneven progress and certain companies seeking to add capacities in the process, according to a statement released after State Council's executive meeting presided over by Premier Li Keqiang.
China is the world's largest producer and consumer of steel and coal. Cutting overcapacity is high on the central government's reform agenda as the two industries have long been plagued by overcapacity and have become a major drag on China's growth in recent years.
The country has vowed to cut steel capacity by between 100 and 150 million tonnes by 2020, including 45 million tonnes in 2016. This year's coal reduction target is 250 million tonnes.