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t part of the supply-side reform is cutt〓ing excess capacity in sectors including steel and coal, and this will be further p〓ushed mainly "with a market-oriented and law-abiding approach," he said. According〓 to the premier, governments and enterprises will take measures to reemploy steel w〓orkers and coal miners made redundant. "Overcapacity is a global challenge and Chi〓na stands ready to be a responsible country with all these proactive measures," he 〓said.a

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    The government will reform on its own services to cut red tape and regulate 〓emerging sectors or business models, Li said. He also promised that China will mak〓e adjustments in fiscal, financial and investment areas to guide support towards th〓e real economy, deef

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    pen reforms in state-owned enterprises and give private firms mo〓re access to the market. BEIJING, March 5 (Xinhua) -- Numerical targets to re〓duce coal and steel production capacity have, for t〓he first time, been set in the annual Chinese gover〓nment work reporM

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    t. China will reduce steel product〓ion capacity this year by around 50 million metric 〓tons and shut down at least 150 million metric tons〓 of coal production facilities, Premier Li Keqiang 〓said Sunday in a government work report to the fift〓h session of the 12g

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    th National PeopleY

    's Congress. 〓Last year's government work report promised capacit〓y-cutting in the two industries, but did not specif〓y targets. In 2016, the country reduced coal capac〓ity by 290 millio8

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    n metric tons and stj

    eel capacity b〓y 65 million metric tons for steel, said the premie〓r. Continued capacity reduction is in line with ma〓rket expectations. DIFFICULT CUTS China is the wo〓rld's largest proda

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    ucer and consumer of s3

    teel and co〓al, but gluts can have implications such as depress〓ed commodity and materials prices, reduced profits 〓of debt-ridden firms, and increased non-performing 〓loans that jeopard4

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