China's NDRC: Local Govts Need To Speed Up Overcapacity Reduction

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China cut 21.67 million tons of capacity in the steel sector in the first seven months of the year, which equals around 47 percent of yearly target, according to Vice-Minister of Industry and Information Technology Feng Fei.

A worker at a steel company in Lianyungang, Jiangsu province, in Jan 2015.[Photo/China Daily] Local governments need to enhance efforts to cut overcapacity in order to meet reduction targets, head of the nation's top economic regulator said on Thursday. "Local governments should quicken the pace in order to fulfill the targets of cutting overcapacity set for…