Adam Supernant in our Shenzhen office sent me this article after reading yesterday’s post. Key paragraphs:
China, the world’s third-largest economy, said it plans new measures to close factories to curb overcapacity and pollution after this year rejecting requests to build industrial projects worth almost 200 billion yuan ($29 billion).The government will target the steel, aluminum, coke, cement, paper and utility industries, Zhu Xingxiang, director of environment evaluation department at the Ministry of Environmental Protection, said today in Beijing.
“This shows China’s confident enough about the momentum of growth to begin addressing structural excess capacity problems,” said David Cohen, an economist with Action Economics in Singapore. “One of the motives will be to improve the profitability of existing companies.”
Must be nice to have economic growth robust enough to want to slow it down.
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