China's central government-controlled firms will cut steel production capacity by 10 percent over the 2016-2017 period, the cabinet said on its microblog on Wednesday.

Coal production capacity would also be cut by 10 percent at these firms over the same period, the statement said, without specifying what the 2016-2017 period meant.

The statement added the government-controlled firms, which are infamously bureaucratic, would shed layers of management from their existing 5-9 levels down to 3-4 levels in the next three years.

The firms would also cut costs by at least 100 billion yuan over the next two years.

 

Source : investing.com

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