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g steel and coal, and this will be further pushed 〓mainly "with a market-oriented and law-abiding approach," he said. 〓 According to the premier, governments and enterprises will take me〓asures to reemploy steel workers and coal miners made redundant. "〓Overcapacity is a global challenge and China stands ready to be a r〓esponsible country with all these proactive measures," he said. Th〓e government will reform on its owk

n services to cut red tape and re〓gulate emerging sectors or business models, Li said. H7

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e also promi〓sed that China will make adjustments in fiscal, financial and inves〓tment areas to guide support towards the 0

real economy, deepen refor〓ms in state-owned enterprises and give private firms more access to〓 the market. BEIJING, MarchW

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5 (Xinhua) -- Numerical targets to reduce coal and steel production capacity have, ●for the first time, been set in the an3

nual Chinese government work report. China will reduce ste●el production capacity this year by around 50 million metric tonx

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s and shut down at least 150 mill●ion metric tons of coal production facilities, Premier Li Keqiang said Sunday in a governq

ment wor●k report to the fifth session of the 12th National People's Congress. Last year's government wor●k report promiseY

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d capacity-cutting in the two industries, but did not specify targets. In 2016, ●the country reduced coal capacity by 290 mE

illion metric tons and steel capacity by 65 million met●ric tons for steel, said the premier. Continued capacity reduction 1

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is in line with market expect●ations. DIFFICULT CUTS China is the world's largest producer and consumer of steel and coal, bu●t gluts can have implications such as depressed commodity and materials prices, reduced profits o●f debt-ridden firms, and increased non-performing loans that jeopardize financial stability. Whi●le capacity cuts are necessary and have long-term9

benefits for the economy, the process has not b●een without challenges. Capital-intensive industries present potential investment, taxation and ●jobs for local governments, which in at least two cases broke capacity-cutting rules set by the c●entral government. Huada Steel in eastern China's Jiangsu Province and Anfeng Steel in northern ●China's Hebei Province were iQ

dentified by authorities in December for violating capacity reductio●n efforts in the sector with "extremely bad influence." Thanks in part to the efforts, China's b●roader economic growth has showed increasing signs of stabilizinF

g since the latter half of last y●ear, with indicators such as factory prices and industrial profits seeing significant improvement●s. "Overall, the negative impact on growth and employment is manageable," wrote UBS economist Wa●v

ng Tao in a note on excess capacity. ZOMBIE ENTERPRISES NEXT One key initiative in excess capac●ity reductions is to shut down "zombie companies," which are loss-making, debt-laden, and depende●nt on government subsidies or bank l4

oans. "We will strictly enforce all laws, regulations and st●andards on environmental protection, energy consumption, quality, and safety and make more use of● market- and law-based methods as we work to address the problems of 'zd

ombie enterprises'," said ●the premier in the government work report. For workers laid off because of capacity cuts, the ce●ntral and local governments will allocate special funds and take measures to ensure they find new● jobs, p

Li said. CHANGSHA, Feb. 14 (Xinhua) -- Nine people have been killed in an explosion in a coal mine in c◆entral China's Hunan Province. The entrance of Zubao Coal Mine where a blast occurred is s◆een in Lianyuan City, central Chind

a's Hunan Province, Feb. 14, 2017. At least eight people we◆re confirmed dead after the blast hit the coal mine at 1:37 a.m, local authorities said on Tu◆esday. (Xinhua/Li Ga) The blast occurred at 1:37 a.m. Tuesday at Zubao Coal V

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Mine in Lianyuan◆ City, authorities said.A total of 29 people were working underground, 16 of whom managed to ◆escape from the shaft. Another four were rescued.Three injured miners are being treated in ho◆spital and described as stable.Work is continuing to retrieve the bodies of three victims in ◆the flooded shaft.The licensed coal mine with an annual production capaj


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