China Vows to Rein in Excess Steel Capacity

The Chinese Ministry of Industry and Information Technology said the government will manage to solve the problem of overcapacity in some industries including steel and cement through the prevention of reckless expansion in facility capability and the control of overall capacity this year while guiding all resources to focus on the development of the following seven sectors: information technology, energy conservation and environmental protection, new energy, biology, high-end equipment manufacturing, new materials and new energy automobile.