China Targets Steel, Refining Capacity After Mixed Success

Chinese overcapacity in steelmaking and oil refining is once again in the government’s crosshairs.

Economic planners singled out the two sectors at the opening of the National People’s Congress on Thursday with promises of orderly reductions in capacity, having made similar pledges at the 2025 meeting with mixed results. China’s softer GDP target this year might suggest there’s leeway to make more decisive cuts.