China lays off 1.8mln workers in coal mining steel industry
Date
2/29/2016 4:53:03 AM
(MENAFN- The Journal Of Turkish Weekly) >Beijing has announced plans to let go of approximately 1.8 million workers in its coal mining and steel industries in the framework of a program to reduce excess capacities in the industry the Chinese Minister of Human Resources and Social Security said Monday.
In January Chinese media reported that Beijing was expected to spend some $15 billion annually implementing a program to reduce the excess capacity of country's heavy industry.
"At the moment coal mining and steel industry are the first where the excess capacities will be reduced. According to the initial estimates in these industries 1.3 million of people will be retrenched in the coal industry and 500000 in the steel industry" Yin Weimin told reporters.
In January China’s State Council announced that it would reduce the excess capacities in the industry in the framework of structural reforms of country's economy.
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