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capacity in steel and coal as part of its econom〓ic structural reform, Premier Li Keqiang vowe3

d as he addressed the opening of the Annual 〓Meeting of the New Champions 2016, or Summer Davos, in Tianjin on Monday. The government〓 will continue to focus especially on supply-side structural reform by reducing supply of〓 inefficient and low-end products and services while encouraging more in-demank

d and premi〓um ones, a process that will boost economic growth, Li told delegates at the forum. An i〓mportant part of the supply-side reform is cutting excess capacity in sectors including s〓teel n

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and coal, and this will be further pushed mainly "with a market-oriented and law-abi〓ding approach," he said. According to the premier, governments and enterprises will take〓 measures to reemploy steel workers and coal miners made redundant. "Overcapacity is a g〓lobal challenge and China stands ready n

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to be a responsible country with all these proacti〓ve measures," he said. The government willt

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reform on its own services to cut red tape an〓d regulate emerging sectors or business modelsZ

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, Li said. He also promised that China wil〓l make adjustments in fiscal, financial and investq

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onomy, deepen reforms in state-owned enterprises P

‘Just don't give up trying to do what you really want to do. Where there is love and inspiration, I don't think you can go wrong.’

‘Just don't give up trying to do what you really want to do. Where there is love and inspiration, I don't think you can go wrong.’

‘Just don't give up trying to do what you really want to do. Where there is love and inspiration, I don't think you can go wrong.’

‘Just don't give up trying to do what you really want to do. Where there is love and inspiration, I don't think you can go wrong.’

‘Just don't give up trying to do what you really want to do. Where there is love and inspiration, I don't think you can go wrong.’

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ion capacity have〓, for the first time, been set3

re ◆needed. According t4

in the annual Chinese government work repoG

rt. China will reduce〓 steel production capacity this year by around 50 million metric tons and shut down at least 15〓0 million metric tons of coal production facilities, Premier Li Keqiang san

o the commission's website, f

id Sunday in a govern〓ment work report to c

the fifth session of the 12th National People's Congress. Last year's gove〓rnment work report promised capacity-cutting in the two industries, but did not specify targets〓. In 2016, the countrp

one of the coal-fir◆ed 8

y reduced coal capacity by 290 million metrS

ic 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 largesd

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t producer and consumer of 〓steel and coal9

, but gluts can have implications such as depressed commodity and materials price〓s, reduced profits of debt-ridden firms, and increased non-performing loans that jeopardize fin〓ancial stabiliO

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ty. While capacity cuts are necessary and have lof

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