China’s Closing Coal Mines Too Slow to Meet Capacity-Cut Targets
- China cut 95 million tons of capacity, 38% of annual target
- State-owned coal mines encouraged to meet target by November
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China urged state-owned coal producers to accelerate mine closures in order to meet year-end targets as part of President Xi Jinping’s drive to curb industrial overcapacity.
The country’s cuts are behind schedule, with about 95 million metric tons of capacity reduced by the end of July, or 38 percent of the annual target of 250 million tons, the National Development and Reform Commission, the country’s economic planner, said in a statement on its website on Thursday.