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ON the morning of November 24,2013,the Hebei provincial government took action to demolish 10 shaft furnaces and 16 converters at eight steel and iron plants in Tangshan,Handan and Chengde,reducing the overcapacity of iron production by 4.56 million tons and steel production by 6.8 million tons.Prior to this,by the end of October 2013,the province had cut down on steel and iron overcapacity by 2.38 million tons.Steel and iron has long been a pillar industry for the Chinese economy;however,it has become common practice to cut down overcapacity of the industry.The government work report released at the First Session of the 12th National People’s Congress explicitly stated that efforts should be made to promote the transformation of the nation’s economic growth mode and accelerate industrial restructuring.Structural adjustment to the steel and iron industry now epitomizes China’s wider economic transformation.
ON the morning of November 24,2013, the Hebei provincial government took action to demolish 10 shaft furnaces and 16 converters at eight steel and iron plants in Tangshan, Handan and Chengde, reducing the overcapacity of iron production by 4.56 million tons and steel production by 6.8 million tons.Prior to this, by the end of October 2013, the province had cut down on steel and iron overcapacity by 2.38 million tons.Steel and iron has long been a pillar industry for the Chinese economy; however, it has become common practice to cut down overcapacity of the industry.The government work report released at the First Session of the 12th National People’s Congress said stated that efforts should be made to promote the transformation of the nation’s economic growth mode and accelerate industrial restructuring.Structural adjustment to the steel and iron industry now epitomizes China’s wider economic transformation.