BEIJING – China will cut steel capacity by 30-million tonnes and coal output by 150-million tonnes this year, its top economic planner said on Monday, putting the world's top metal and energy market on track to beat long-term targets.
In a work report at the opening of the annual meeting of parliament, the National Development and Reform Commission (NDRC) said it will shut coal-fired power plants with capacity of less than 300 000 kW that fail to meet standards in 2018.
Beijing said last month it aims to meet its target for reducing steel production capacity two years earlier than planned, as the world's top steel producer ramps up its years-long push to reduce excess output.
The original plan called for reducing 150-million tonnes of steel production capacity by 2020.
The world's top coal consumer cut 250-million tonnes of capacity last year, taking the total since 2016 to 460-million, almost hitting its 2020 target of 500-million tonnes.