As part of efforts to ease domestic steel and coal overcapacity, widely blamed for triggering a global industry crisis, China said it will do more to help its firms shift capacity overseas while curtailing new capacity at home, Reuters reports. A joint statement issued by the central bank and several other government bodies on Thursday said China would strengthen financing support for enterprises ‘going out’, and use loans, export credits and project financing to encourage coal and steel businesses to build capacity abroad. It was unclear whether this signals government encouragement for more coal and steel exports from China, which has been widely blamed for dumping its excess steel on world markets.
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