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China will issue policy to reduce overcapacity
China's State Council will issue the policy on administration of overcapacity, and less administrative intervention and regulation of market admittance will become the policy highlights, said Su Bo, Vice Minister of China's Ministry of Industry and Information Technology on September 15.
Su Bo pointed out that the administrative approval can neither solve industry development problems, nor solve the problem of overcapacity. To some extent, some local governments advocate excessive preferential policies in land and resource allocation in the name of attracting investment, leading to market disorder and unfair competition, and exacerbating overcapacity.
Su Bo said that in the future, it will further reduce the government's administrative intervention in iron and steel, electrolytic aluminum, glass, cement and shipbuilding and other industries under excess capacity. At the same time, it will also strengthen market management, and establish open and fair competition environment.
On the one hand, it will reduce the government's excessive intervention in corporate investment activities, to reduce unfair competition; on the other hand, based on the condition of market admittance, requiring local authorities to treat the large numbers of existing unapproved capacity.
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