China makes 1000 coal mines close – FAZ – Frankfurter Allgemeine Zeitung

a Chinese worker pushing a cart full of coal

as part of the economic slowdown, China will make more than 1,000 coal mines this year. This is part of a strategy to reduce the overcapacity in the sector, authorities said on Monday. The pits may promote more than 60 million tons. Within the next three to five years, production will be cut back by a total of 500 million tons. In the mining industry, but also in the steel and cement industries, in the Middle Kingdom will be produced far in excess of requirements. For ordinary steel, the Beijing leadership has also decided drastic cuts in production volume of up to 150 million tonnes.

The EU had recently to protect its steel industry to certain varieties of the material from China anti-dumping decided-tariffs. The president of the EU Chamber of Commerce in China, Joerg Wuttke, sees the exuberant production in the People’s Republic as systemic to: “China is the industry always growth incentives. This leads to excess capacity. “Since 2008, the government, this situation had worsened with new major projects on.

A study submitted by the EU Chamber of Commerce in China study concludes that enormous overcapacity total of China’s industrial and also the rest of the world harm. This concerns not only the mining industry. The steel production in China was “completely divorced” from the actually existing demand. The investigation showed that the Chinese steel industry produced as much as the next four largest producing countries – Japan, India, the United States and Russia – together. More than 60 percent of China’s aluminum producers were unprofitable, said the Chamber of Commerce. In the Chinese cement industry in turn is within two years as much cement as prepared in the United States throughout the 20th century.

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