BEIJING, Jan. 22 (Xinhua) -- Supply-side structural reform will continue to be a priority of provincial governments this year as China resolves to press ahead with the major tasks for reform amid downward pressure.
New targets in cutting excess capacity in major sectors such as steel and coal have been set this year, as unveiled at the annual sessions of provincial legislatures held in January.
The local sessions, which review and approve government economic and social development blueprints, come ahead of the annual sessions of the national legislature and the top political advisory body in March.
After a reduction of 33 million tonnes of steel capacity last year, China's northern Hebei Province, aims to further slash about 32 million tonnes of steel capacity this year, according to the provincial government work report earlier this month.
"2017 will be our toughest year in capacity reduction. No matter how difficult it is, we are determined to succeed," said governor Zhang Qingwei. Hebei produces a quarter of the country's iron and steel.
Yu Yong, chairman of Hesteel Group, the largest steel firm in Hebei, said "properly cutting capacity will make room for restructuring and upgrading of the steel sector."
The company cut 3.2 million tonnes of iron and steel capacity last year and targets a reduction of 4.4 million tonnes this year.
Coal-rich Shanxi and central Henan both set the targets of cutting 20 million tonnes of coal capacity this year. The two provinces each slashed 23 million tonnes of coal capacity last year.
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