BEIJING, May 10 -- China will carry on phasing out sub-standard production capacity, especially in fields of steel and iron, coal-mining and coal-fired power plants, to keep up with targets set for the year.
The decision was made at a State Council executive meeting, which was presided over by Premier Li Keqiang on Wednesday.
Li listened to reports on the latest progress of this year's campaign to cut excess capacities of steel, iron, coal-mining and coal-fueled power generation, as well as the findings of inspections over the drive in concrete and glass sectors.
Li said reforms offer the way forward in cutting overcapacity, which is a vital part of the supply-side structural reform.
"China takes the initiative to reduce production capacity based on its own national conditions. The efforts are to make the growth model and economic structure shift to new economic drivers," he added.
The government work report Li delivered in March set targets for this year to cut steel and iron overcapacity by 50 million tonnes and coal mining by 150 million tonnes respectively, as well as to phase out coal-fired power generation capacity of more than 50 million kilowatts.
As of Wednesday, 31.7 million tonnes of steel and iron capacity and 68.97 million tonnes of coal capacity have been cut, accounting for 63.4 percent and 46 percent of their annual goals respectively.
The meeting decided to adopt more methods based on market rules and related laws while phasing out outdated capacities. It also decided to eliminate illegal productions and prevent shutdown production from flaring up again.
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