“Strictly preventing the addition of new capacity will be the key to successfully pushing the structural supply-side reform in the steel industry in 2018,” the ministry said.
China plans to reduce excess capacity in steel and coal by 30 million metric tons and 150 million metric tons respectively this year, the National Development and Reform Commission said Monday.
China cut more than 50 million metric tons of steel capacity and 250 million metric tons of coal capacity last year. The government had planned to reduce steel and coal capacity by about 50 million metric tons and over 150 million metric tons respectively in 2017.
The economic planning agency said on Monday it expects retail sales to increase by around 10% in 2018, the same as last year. China's retail sales rose 10.2% in 2017 from a year earlier.