(MENAFN) As part of the country's strategy for slower, steadier economic growth, China has ordered more than 1,400 industrial companies to reduce excess production capacity this year, reported Khaleej Times.
The Ministry of Industry and Information Technology said that it is set to cut overcapacity by September, as a first stage of its reform plan, noting that extra production has affected the industrial sector negatively.
It's worth mentioning that the reforms have targeted around 19 industries including steel, electrolytic aluminum, ferroalloys, copper smelting, cement and paper.
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