China: China's State Council, the country's cabinet, has issued a guideline to tackle production overcapacity in several industrial sectors. According to a statement on the Chinese government's website and reporting by the Xinhua News Agency, the guideline targets the cement sector and four other sectors suffering from overcapacity including steel, electrolytic aluminium, sheet glass and shipping.
The move is a key measure for the government to achieve stable growth, restructuring, transformation and an 'upgraded' version of the Chinese economy, according to the 'Guideline to tackle serious production overcapacity'. The guideline will play a key part in current and future efforts to transform the economic growth mode and boost industrial restructuring, according to the statement.
