Chinese leaders have ordered local officials to stop expanding industries such as steel and cement in which supply outstrips demand, a Cabinet statement said Tuesday, in a sign previous orders to cut overcapacity were ignored.
Beijing has been trying since 2009 to cut excess production capacity, which has triggered price-cutting wars that threaten the financial health of some industries. But lower-level leaders whose promotions depend on economic development have continued to support local industries.
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The Associated Press via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/-kJAsYqWzCo/
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