A team appointed by the top leadership of China has started investigating the overcapacity problem in the iron and steel industry, aiming to find ways to transform and upgrade the sector as soon as possible, China Business News reported on Wednesday.
The idea from the top leadership is to shorten the time of transformation and upgrading in the sector with excess capacity, the newspaper quoted an unnamed source as saying.
The country plans to accelerate adjustment and M&A in the industries that have excess capacity next year, the source added.
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