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发帖数: 3096 | 1 http://www.bloomberg.com/news/2013-07-25/china-cuts-capacity-in
By Bloomberg News - Jul 25, 2013 8:10 PM CT
China ordered more than 1,400 companies in 19 industries to cut excess
production capacity this year, part of efforts to shift toward slower, more-
sustainable economic growth.
Steel, ferroalloys, electrolytic aluminum, copper smelting, cement and paper
are among areas affected, the Ministry of Industry and Information
Technology said in a statement yesterday. Excess capacity must be idled by
September and eliminated by year-end, the ministry said, identifying the
production lines to be shut within factories.
Enlarge image China Cuts Capacity to Reshape Economy as Manufacturing
Weakens
A worker handles a roll of steel at the Baosteel Group Corp. facilities in
Shanghai. Photographer: Doug Kanter/Bloomberg
HSBC Forecasts China Economy Will Grow 7.4%6:56
July 25 (Bloomberg) -- Stephen King, chief economist at HSBC Holdings Plc,
talks about China's economic growth and Asia's emerging markets. King also
discusses Federal Reserve monetary policy and the outlook for the global
economy. He speaks with Susan Li on Bloomberg Television's "First Up." (
Source: Bloomberg)
China’s extra production has helped drive down industrial-goods prices and
put companies’ profits at risk, while a survey this week showed
manufacturing weakening further in July. Premier Li Keqiang has pledged to
curb overcapacity as part of efforts to restructure the economy as growth
this year is poised for the weakest pace since 1990.
“This detailed list shows the government is serious in its efforts to
restructure the economy and is prepared to tolerate the necessary pain,”
Zhang Zhiwei, chief China economist at Nomura Holdings Inc. (8604) in Hong
Kong, wrote in an e-mailed research note late yesterday.
More than 92 million tons of excess cement capacity and about 7 million tons
of excess steel production capacity are expected to be wiped out under the
government’s plan, Zhang wrote. Nomura maintained its forecast of 7.4
percent economic growth for China in this quarter and 7.2 percent in the
fourth quarter.
Cement Company
Xinjiang Tianshan Cement Co. (000877), listed on the Shenzhen Stock Exchange
, is among companies on lists published by the MIIT accompanying the
statement. It was told to phase out 450,000 tons of capacity. One factory of
state-owned Wuhan Iron |
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