China will cut another 500,000 steel and coal jobs this year to reduce excess production capacity, the labor minister said Wednesday, amid complaints the industries are flooding global markets and depressing prices.
Beijing is in the midst of a multiyear effort launched last year to shrink bloated industries including steel, coal, cement, aluminum and glass in which production exceeds demand. That has fed a flood of low-cost exports that Washington and Europe complain are hurting foreign competitors and threatening thousands of jobs.
The government will provide support for the laid-off workers to find other jobs, start companies or retire, Yin Weimin said at a news conference.
“This year, to reduce excess capacity, we need to make accommodation for 500,000 workers,” Yin said.
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