reduce coal and steel production capacity have〓, for the first time, been set q

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in the annual Chinese government work report. China will reduce〓 steel production 0

capacity this year by around 50 million metric tons and shut down at least 15〓z

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0 million metric tons of coal production facilities, Premier Li Keqiang said Sunday8

in a govern〓ment work report to the fifth session of the 12th National People8

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's Congress. Last year's gove〓rnment work report promised capacity-cutting in the x

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two industries, but did not specify targets〓. In 2016, the country reduced coal capacity by 290 million metric tons and steel capacity by 〓65 million metric tons for steel, said the premier. Continued capacity reduction is in line wi〓th market expectations. DIFFICULT CUTS China is the world's largest producer and consumer of 〓steel and coal, but gluts can have implications such as depressed commodity and materials price〓s, reduced profits o5

f debt-ridden firms, and increased non-performing loans that jeopardize fin〓ancial stability. While capacity cuts are necessary and have long-term benefits for the econom〓y, the process has not been without challenges. Capital-intensive industries present potential〓 investment, taxation and jobs for local governments, which in at least two cases broke capacit〓y-cutting rules set by the central government. Huada Steel in eastern China's Jiangsu Province〓 and Anfeng Steel in northern China's Hebei Province were identified by authorities in December〓 for violating capacity reduction efforts in the sector with "extremely bad influej

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