China cuts production of steel and coal

China's economy is expected to grow by 6.5 percent of GDP in 2017, he said Lifeng, chairman of the National Development and Reform Commission, the highest authority overseeing the Chinese economy.

Overcapacity is one of the major challenges facing the Chinese economy.
Over the past five years, China has cut its steelmaking capacity by 110 million tons per year and coal by 400 million tons per year.
As part of this process, the state had to create new professions for 1.1 million workers from these sectors.
“We expect that we will reach a growth target of about 6.5 percent within a year,” he said at the edge of the 19th National Congress of the Communist Party (CCP) in Beijing.

Most economists believe that the Chinese economy will easily exceed its target. The growth rate in the third quarter was 6.8 percent, while the Chinese economy grew by 6.9 percent in the first half. Last year, growth of 6.7% was the lowest in 26 years.

The global economy has so far surprised international markets and investors this year with robust paces such as a recovery in demand in Europe and the US and a resurgence in heavy industries such as the steel sector. The Second World Economy is restructuring heavy industry to reduce pollution and reduce overcapacity, among others, in the coal and steel industries.