Urgent: China to cut steel capacity by 50 mln tonnes, coal by 150 mln tonnes

China will push its drive to cut overcapacity in bloated sectors, with targets to slash steel production capacity by around 50 million tonnes and coal by at least 150 million tonnes this year, according to a government work report available to the media Sunday morning ahead of the annual parliamentary session.

The report pledged to make more use of market- and law-based methods to effectively deal with "zombie enterprises."

China eliminated steel production capacity by more than 65 million tonnes and coal by over 290 million tonnes last year, both beating government annual targets. Endi