China’s Choking Cities Means Job Cuts at Steel Town: Commodities
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Zhang Fei sums up one of the headaches for China’s Premier Li Keqiang in his efforts to refocus the country’s economy.
The 40 year-old contractor, who’d just earned 160 yuan ($26) for four hours work at a local steel mill, is leaning on his red motorcycle in grimy army fatigues and battered running shoes on Galaxy Street. That’s a 10-mile strip lined with forges, welders, tire repair and auto-painting shops, as well as restaurants, a school and a hospital.