China once again laid out a plan to contain overcapacity in sectors such as steel and cement – still short in details, but some of the directives seem to indicate that Beijing may be serious about it this time.
New projects will be banned in sectors experiencing overcapacity–steel, cement, aluminum, glass, and ship-building, and new fiscal incentives will be provided to encourage companies to phase out extra obsolete capacity on top of the original goals by 2015, the State Council said in a statement dated Oct. 6 but was only available on Tuesday.
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Yue Li, Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/h9mJGb8m6DU/
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