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China to Continue Reducing Excessive Production Capacities
The State Economic and Trade Commission has decided to continue shutting down outdated small factories this year in a move to eliminate surplus production capacities.
The deputies to the National People's Congress, China's top legislature, expressed satisfaction with the results achieved in discarding excessive production capacities last year.
They agreed that the move has improved the relation between demand and supply of manufactured goods, halted the drop in prices of such goods, and helped manufacturers improve their economic returns, thus laying a solid foundation for the optimization of the industrial structure.
The commission has set this year's reduction targets for priority industries including textiles, metallurgy, coal mining, petrochemicals, sugar refining, building materials and power.
This year the total number of woolen spindles will be cut by 100,000. China¡¯s crude oil production will be kept at 163 million tons and the amount of crude oil to be refined, at 215 million tons. Production of steel will be controlled at 115 million tons, that of rolled steel, at 105 million tons, that of coal, at 950 million tons, that of refined sugar, at 7.5 million tons, that of cement, at 570 million tons, and that of plate glass, at 170 million cases.
Moreover, China will close 1,900 small cement kilns, 100 small plate glass production lines and small generators with a combined capacity of 2.8 million kilowatts.
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