// IP Marketing video - START// IP Marketing video - END

China to lay off 1.8 million workers in coal, steel sectors

China to lay off 1.8 million workers in coal, steel sectors

PanARMENIAN.Net - China expects to lay off 1.8 million workers in the coal and steel sectors as part of its efforts to reduce industrial overcapacity, an official at the human resources and social security ministry said on Monday, Feb 29, according to Reuters.

Yin Weimin, minister of human resources and social security, said capacity cuts will lead to some layoffs in 2016, but added that he was confident of keeping employment stable this year despite downward pressure on the economy.

No timeframe was given for the 1.8 million figure cited.

China aims to remove around 500 million tonnes of coal production capacity within the next three to five years and halt approvals of all new projects.

 Top stories
"There is ample proof that Monsanto's sprays have poisoned our environment contributing drastically to dying off of bees," Tankian said.
Armenia ranks 47 on the ease of doing business index against the 38 spot last year, the World Bank Group’s annual Doing Business report said.
Mountea, an Armenian company producing tea from the mountain herbs has begun to export its products to Russia.
20,149 optical-mechanical devices were manufactured in the reporting period against the 3,388 produced in the same period last year.
Partner news