Greater China

摘要

Officials revealed that in the first six months of 2016, local governments and state-owned firms in China have achieved 29 per cent of the 2016 coal overcapacity reduction target. According to the National Development and Reform Commission (NDRC), 17 provincial-level governments and some of the largest state-owned companies in China have jointly reduced approximately 72.27 million tonnes in coal production capacity, accounting for about 29 per cent of the 250 million tonnes of coal reduction target for the year. Hunan and Jiangsu provinces achieved 82.9 and 78.2 per cent of their cuts in the first six months, and Beijing, Shanxi Province and north-western Xinjiang have commenced working towards reducing their coal production overcapacity. Reducing coal production overcapacity, closing old mines and consolidating companies are part of the major supply-side structural reform tasks outlined in China's five-year plan. During the first six months of 2016, coal production decreased by 9.7 per cent to 1.63 billion tonnes, and inventories decreased by 8.6 per cent at the same time. Meanwhile, coal prices have recovered, with coal shipped to Qinhuangdao increasing by 50 yuan (US $7.50) to 420 yuan per tonne in July 2016.