China will allocate 100 billion yuan of subsidies to steel and coal companies cutting capacity, the Ministry of Finance said this Wednesday.
The funds will mainly be used to resettle laid-off workers, the statement said.
Mergers, acquisitions, debt restructuring and bankruptcy should guide the exit of unprofitable steel and coal companies.
China should also take “a combination of measures" to resolve overcapacity, including tax, land, fiscal and financial reform, according to the statement.
In the past three years, China has eliminated more than 90 million tons of steel capacity and over 200 million tons of coal capacity.
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