More industrial overcapacity will be cut to deepen supply-side reform for high-quality economic develop in 2018, People's Daily reports.
China is expected to fulfill the goal proposed in 2016 to shut down 500 million tons of coal capacity and consolidate another 500 million tons into the hands of fewer but more efficient mine operators within three to five years in 2018.
National Energy Administration proposed the country will cancel and delay about 150 million kilowatts of coal-fired power construction projects and cut 20 million kilowatts of outdated coal power generation capacity by 2020.
Ministry of Industry and Information Technology also stated that strict inspections will be carried out in key provinces and a long-term mechanism to crack down on the production and sale of substandard steel products will be undertaken to complete the annual task of overcapacity cut in steel industry.
Strategically, eradicating "zombie" companies will be on top of the agenda to cut off overcapacity and adjust industrial steel structure in the next stage, according to the report.