NDRC proposes fund for industrial restructuring

The National Development and Reform Commission (NDRC) proposed creating a fund for China's industrial restructuring at the China Energy Sustainable Development Forum on Saturday, Shanghai Securities News reported (in Chinese). The fund will be used to compensate investors and laid-off workers for the closing of small and badly equipped factories in surplus industries, said Xin Guobin, director of the NDRC's industrial policy division. Thirteen industries, including steel, aluminum and cement, are overheating or in surplus, NDRC chief Ma Kai told the newspaper.