Tang­shan chops steel ca­pac­ity

China Daily (USA) - - BUSINESS -

Tang­shan, a ma­jor steel pro­duc­ing city in north China’s He­bei prov­ince, has cut 31.9 mil­lion met­ric tons of steel ca­pac­ity in the past four years, lo­cal au­thor­i­ties said on Sun­day. Tang­shan had a steel ca­pac­ity of 150 mil­lion tons be­fore 2013, but its an­nual out­put then stood at about 100 mil­lion tons, the mu­nic­i­pal gov­ern­ment said. Ac­cord­ing to theHe­bei pro­vin­cial gov­ern­ment, Tang­shan needed to cut 40 mil­lion tons of steel ca­pac­ity in the five years to 2017. So far this year, the city has closed down 8.3 mil­lion tons of ca­pac­ity, meet­ing its an­nual tar­get. growth and theme parks are be­ing built in the coun­try faster than any­where else in the world, with more than 300 projects re­port­edly funded in re­cent years. Chi­nese main­land’s first Dis­ney­land opened this June in the com­mer­cial hub of Shang­hai at a cost of $5.5 bil­lion. Food­stuff Group Co will see the un­lock­ing of 3.07 bil­lion shares worth nearly 111.9 bil­lion yuan, the big­gest group of locked-up shares to hit the mar­ket. Taobao, China’s big­gest on­line com­merce site.

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