Industrial overcapacity in China has got much worse since 2009, with Beijing struggling to implement reforms and overcome the resistance of growth-obsessed local governments, a European business lobby said on Monday.
China’s central government has identified overcapacity and the closure of debt-ridden “zombie” firms as one of its key policy priorities for 2016, and it has already published action plans aimed at shutting 100-million to 150-million tonnes of low-end steel capacity and 500-million tonnes of coal production.
