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    m. An i〓mportant part of the supply-side reform is cutting excess capacity in sectors including s〓teel and coal, and this will be further pushed mainly "with a market-oriented and law-abi〓ding app7

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    roach," he said. According to the premier, governments and enterprises will take〓 measures to reemploy steel workers and coal miners made redundant. "Overcapacity is a g〓lobal challenge and China s4

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    tands ready to be a responsible country with all these proacti〓ve measures," he said. The government will reform on its own services to cut red tape an〓d regulate emerging sectors or business modely

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    s, Li said. He also promised that China wil〓l make adjustments in fiscal, financial and investment areas to guide support towards the〓 real economy, deepen reforms in state-owned enterprises and giY

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ve private firms more acce〓ss to the market. BEIJING, March 5 (Xinhua) -- Numerical targets to reduce coal and steel production capacity have〓, for the first time, been set in the annual Chinese government work report. China will reduce〓 steel production capacity this year by around 50 million metric tons and shut down at least 15〓0 million metric tons of8

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coal production facilities, Premier Li Keqiang said Sunday in a govern〓ment work report to the fifth session of the 12th National People's Congress. Last year's gove〓rnment work report promised capacity-cutting in the two industries, but did not specify targets〓. In 2016, the country reduced coal capacity by 290 million metric tons and steel capacity by ?

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?5 million metric tons for steel, said the premier. Continued capacity reduction is in line wi〓th market expectations. DIFFICULT CUTS China is the world's largest producer and consumer of 〓steel and coal, but gluts can have implications such as depressed commodity and materials price〓s, reduced profits of debt-ridden firms, and increased non-performing loap

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ns that jeopardize fin〓ancial stability. While capacity cuts are necessary and have long-term benefits for the econom〓y, the process has not been without challenges. Capital-intensive industries present potential〓 investment, taxation and jobs for local governments, which in at least two cases broke capacit〓y-cutting rules set by the central government. Huada Steel in eastern China's Jiangsu Province〓 and Anfeng Steel in northern China's Hebei Province were identified by authorities in Decemt

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ber〓 for violating capacity reduction efforts in the sector with "extremely bad influence." Thanks〓 in part to the efforts, China's broader economic growth has showed increasing signs of stabili〓zing since the latter half of last year, with indicators such as factory prices and industrial 〓profits seeing significant improvements. "Overall, the negative impact on gro9

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