China allocates 100 billion yuan to tackle job losses

BEIJING: China will allocate 100 billion yuan (US$15bil) over two years to relocate workers laid off as a result of China’s efforts to curb overcapacity in sectors like steel, the Ministry of Industry and Information Technology said.

China has vowed to tackle price-sapping supply gluts in major industrial sectors, and said earlier this month that it would close 100 million-150 million tonnes of steel capacity and 500 million tonnes of coal production in the coming three to five years.