Beijing says it will lay off hundreds of thousands of workers this year in an effort to cut excess capacity of a range of products flooding world markets
BEIJING—China’s labour minister says Beijing will cut another 500,000 jobs this year from steel, coal and other heavy industries to reduce excess production capacity that’s flooding markets and depressing global prices.
Yin Weimin said March 1 the government will provide support for the laid-off workers to transfer to other jobs, start their own companies or retire.
China is in the midst of a multi-year effort to shrink bloated industries including steel, coal, aluminum, cement and glass in which production exceeds demand. Some companies are trying to export their surplus output, prompting complaints by the United States, Europe and other trading partners that they’re threatening thousands of jobs.
At a news conference, Yin said the government provided similar aid last year to 726,000 workers whose jobs in coal and steel were eliminated.