Li tells SOEs to end ex­cess ca­pac­ity, boost qual­ity

China Daily (Canada) - - NEWS CAPSULE -

Premier Li Ke­qiang urged State-owned en­ter­prise (SOEs) to re­move ex­cess pro­duc­tion ca­pac­ity and in­crease qual­ity.

“Re­form is the fun­da­men­tal way for SOEs to grow and pros­per. But when cut­ting ex­cess ca­pac­ity, su­per­flu­ous work­ers must be trans­ferred to other jobs in­stead of be­ing laid off,” Li told the Wuhan Iron & Steel Group com­pany on Mon­day dur­ing a visit to Hubei prov­ince.

Li ap­pointed Wuhan as a pilot SOE to re­duce ex­cess ca­pac­ity and trans­fer re­dun­dant work­ers to other posts with fi­nan­cial and pol­icy sup­port from the cen­tral and lo­cal gov­ern­ments.

Wuhan Iron & Steel had 51,000 em­ploy­ees by the end of last month, 72.8 per­cent of the to­tal in July last year. The com­pany sub­si­dizes these work­ers each month.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.