Loading ...China plans to lay off 1.8 million coal and steel workers as part of the government’s ongoing efforts to reduce industrial overcapacity.
Yin Weimin, the minister for Human Resources and Social Security, said in a briefing Monday that 1.3 million the job cuts will affect coal workers, while the steel sector will lose 500,000 positions, Bloomberg reports.
In December, Beijing said it would not approve any new coal mines over the next three years and that it would shut more than 1,000 coal mines in 2016, taking out 60 million metric tons of unneeded capacity.
A month later, the world’s largest coal consumer announced it would invest $4.6 billion to close another 4,300 coal mines.
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