Prime News: China expects to lay off 1.8 million workers in coal, steel sectors

China expects to cut 1.8 million workers in the coal and steel sectors to lessen industrial overcapacity, Yin Weimin, minister of human resources and social security said.

Weimin said capacity cuts will lead to some layoffs in 2016, but added that he was confident of keeping employment stable this year despite downward pressure on the economy.

The country intends to remove around 500 million tonnes of coal production capacity within the next three to five years and halt approvals of all new projects.

The material has been provided by InstaForex Company –