Xinhuanet

China earmarks funds to help reduce overcapacity

Source: Xinhua 2016-05-19 01:41:24
[Editor: huaxia]

Photo taken on Aug. 1, 2015 shows steel tubes at a dock in Lianyungang Port, east China's Jiangsu Province. (Xinhua file photo)

BEIJING, May 18 (Xinhua) -- China's Ministry of Finance said Wednesday it has earmarked a special fund of 100 billion yuan (15.33 billion U.S. dollars) to subsidize local governments and state-owned enterprises (SOEs) in reducing steel and coal overcapacity.

The ministry said in a statement that 80 percent of the funds will be distributed to local governments and centrally administered SOEs based on their respective capacity reduction assignments, as well as the number of laid-off workers that must be resettled and the difficulty of doing so.

The remainder will be allocated based on how well local governments and SOEs fulfill their assignments, the statement said.

The ministry added that it will continue to implement preferential taxation policies, including tax refunds for steel exports and tax preferences for urban land use by coal miners.

To encourage the development and use of coal bed gas between 2016 and 2020, the central finance subsidy for coal bed gas will be raised from 0.2 yuan to 0.3 yuan per cubic meter, the statement said.

Related:

China's thermal power overcapacity likely to worsen: Fitch

BEIJING, May 16 (Xinhua) -- Excess capacity in China's thermal power generation is likely to worsen from now to 2017 due to falling coal costs and favorable on-grid tariff rates, Fitch Ratings said Monday in a report.

Despite government support of facilities that run on cleaner fuels, China's electricity producers have incentives to keep adding thermal power capacity before the end of 2017 as falling coal costs and favorable on-grid rates keep profitability high, Fitch said. Full story

China rejects EU accusation over steel overcapacity

BEIJING, May 10 (Xinhua) -- China on Tuesday refuted accusation by an EU diplomat that its inefficiency in decapacity of steel industry harmed European manufacturers.

"We hope anyone who would like to make such remarks could make clear the facts and respect facts," said Foreign Ministry spokesperson Lu Kang, while commenting the words by European Union's Ambassador to China Hans Dietmar Schweisgut. Full story

Across China: Industrial province restructures to thrive amid overcapacity

SHIJIAZHUANG, April 23 (Xinhua) -- On his first day at work, Zhang Jianwei was impressed by the cement company's green grounds -- its plant occupies 180,000 square meters but over a quarter of that is lawns.

At the Jinyu Cement Company in Handan City of north China's Hebei Province, all the greenery is irrigated by treated industrial effluent, a practice which helps the company save 100,000 tonnes of water every year, according to Zhang, who has been working as its chief engineer for a week. Full story

 

[Editor: huaxia]
 
China earmarks funds to help reduce overcapacity
                 Source: Xinhua | 2016-05-19 01:41:24 | Editor: huaxia

Photo taken on Aug. 1, 2015 shows steel tubes at a dock in Lianyungang Port, east China's Jiangsu Province. (Xinhua file photo)

BEIJING, May 18 (Xinhua) -- China's Ministry of Finance said Wednesday it has earmarked a special fund of 100 billion yuan (15.33 billion U.S. dollars) to subsidize local governments and state-owned enterprises (SOEs) in reducing steel and coal overcapacity.

The ministry said in a statement that 80 percent of the funds will be distributed to local governments and centrally administered SOEs based on their respective capacity reduction assignments, as well as the number of laid-off workers that must be resettled and the difficulty of doing so.

The remainder will be allocated based on how well local governments and SOEs fulfill their assignments, the statement said.

The ministry added that it will continue to implement preferential taxation policies, including tax refunds for steel exports and tax preferences for urban land use by coal miners.

To encourage the development and use of coal bed gas between 2016 and 2020, the central finance subsidy for coal bed gas will be raised from 0.2 yuan to 0.3 yuan per cubic meter, the statement said.

Related:

China's thermal power overcapacity likely to worsen: Fitch

BEIJING, May 16 (Xinhua) -- Excess capacity in China's thermal power generation is likely to worsen from now to 2017 due to falling coal costs and favorable on-grid tariff rates, Fitch Ratings said Monday in a report.

Despite government support of facilities that run on cleaner fuels, China's electricity producers have incentives to keep adding thermal power capacity before the end of 2017 as falling coal costs and favorable on-grid rates keep profitability high, Fitch said. Full story

China rejects EU accusation over steel overcapacity

BEIJING, May 10 (Xinhua) -- China on Tuesday refuted accusation by an EU diplomat that its inefficiency in decapacity of steel industry harmed European manufacturers.

"We hope anyone who would like to make such remarks could make clear the facts and respect facts," said Foreign Ministry spokesperson Lu Kang, while commenting the words by European Union's Ambassador to China Hans Dietmar Schweisgut. Full story

Across China: Industrial province restructures to thrive amid overcapacity

SHIJIAZHUANG, April 23 (Xinhua) -- On his first day at work, Zhang Jianwei was impressed by the cement company's green grounds -- its plant occupies 180,000 square meters but over a quarter of that is lawns.

At the Jinyu Cement Company in Handan City of north China's Hebei Province, all the greenery is irrigated by treated industrial effluent, a practice which helps the company save 100,000 tonnes of water every year, according to Zhang, who has been working as its chief engineer for a week. Full story

 

分享
Spotlight: China, U.S., EU differ widely in tackling steel overcapacity
News Analysis: On Global steel overcapacity, is blaming China really fair?
Interview: China committed to tackling steel overcapacity -- official
China vows to work with int'l community to solve overcapacity in steel industry
Xinhua Insight: China's steel industry strives to tackle overcapacity
Muslims pray on 1st day of Ramadan at Niujie Mosque in Beijing
Muslims pray on 1st day of Ramadan at Niujie Mosque in Beijing
China's national college entrance exam starts
China's national college entrance exam starts
Muslims pray on 1st Day of Ramadan in China's Yinchuan
Muslims pray on 1st Day of Ramadan in China's Yinchuan
Qu Dongyu attends press briefing on China-U.S. high-level talks in Beijing
Qu Dongyu attends press briefing on China-U.S. high-level talks in Beijing
Kuczynski leads Peru's Sunday presidential elections
Kuczynski leads Peru's Sunday presidential elections
Opening ceremony of Iron Wolf 2016 held in Lithuania
Opening ceremony of Iron Wolf 2016 held in Lithuania
Global Green Growth Forum held in Denmark
Global Green Growth Forum held in Denmark
People in Yemen receive free food rations provided by charity groups
People in Yemen receive free food rations provided by charity groups
Back to Top Close
010020070750000000000000011100851353698161