Second, we focused on five priority tasks -- cutting overcapacity, reducing excess inventory, deleveraging, lowering costs, and strengthening areas of weakness -- thereby improving the composition of supply.
Particular priority was given to cutting overcapacity in the steel and coal sectors. Over the year, steel production capacity was cut by more than 65 million metric tons and coal by over 290 million metric tons, going beyond annual targets. Effective assistance was provided to laid-off employees.
We supported migrant workers in buying urban homes; and we increased the proportion of people affected by rebuilding in rundown urban areas receiving monetary compensation, making good progress in reducing real estate inventory.
Business acquisitions and reorganizations were encouraged, direct financing was promoted, and market- and law-based debt-to-equity swaps were carried out, lowering the debt-to-asset ratio of industrial enterprises.
To help enterprises lower operating costs, we introduced measures to cut taxes and fees, lower the share paid by enterprises for social security contributions(Notes: This includes old-age insurance, health insurance, unemployment insurance, workers' compensation, maternity insurance, and housing provident fund schemes). We boosted efforts to strengthen areas of weakness and undertook major initiatives that both help to meet urgent needs today and promise long-term benefits.
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