21:38, 05-Jan-2018
Chinese Coal Sector: Gov't aims to create giant coal mining firms to modernise sector
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Moving to the coal sector. The National Development and Reform Commission said on Friday that it plans to create several "super-large" coal mining companies by the end of 2020 through merger and restructuring. The move is aimed at cutting excess capacity and modernising the sector.
The state planner also encouraged those companies to extend their businesses into non-coal industries, such as power-generating and chemical. China has pledged to eliminate around 800 million tonnes of outdated capacity in the next 2 years. Analysts say coal output will be around 4 billion tonnes a year by 2020.