China’s human resources and social security ministry announced on Monday that the country’s coal and steel industries would cut 1.3 million and 500,000 workers, respectively, Bloomberg reported, citing a transcript posted to the ministry website that also claimed the affected workers would be reallocated. The move marks the latest attempt to deal with chronic overcapacity fostered by a booming real estate sector that continues to face serious headwinds nationwide. Meanwhile, The Guardian reported that China’s coal consumption fell 3.7% in 2015 year on year, the second such consecutive fall, according to data from the National Bureau of Statistics. However, no absolute total was provided for consumption.
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