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Print[Ferro-alloys.com]On October 15th, State Council of China issued ＜Guidance on Resolving Contradiction of Severe Overcapacity＞.This document set specific quantitative index and targeted measures for the five industries with severe overcapacity, including steel, cement, electrolytic aluminium, flat glass and shipbuilding. Meanwhile, policy measures on environmental regulation, land management and finance were released.
This document pointed out this round of overcapacity was caused by multiple factors including development stage, development concept and system & mechanism. On one hand, some enterprises were too optimistic and invest blindly, which added to overcapacity. On the other hand, some local governments relied too much on investment and boosted overlapping investment or capacity expansion.
This document stressed that containing redundant construction and resolving overcapacity contradiction would be listed in assessment index system of local government. Besides, progress on resolving overcapacity must be reported publicly and timely.
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