China's Supply-side Structural Reform Delivers Initial Results: Economic Planner

"China has met this year's target of reducing 45 million tonnes of steel and 250 million tonnes of

 coal production capacity ahead of schedule," Xu Shaoshi, head with the National Development and

 Reform Commission (NDRC) told a press conference.

He said that steel firms under the China Iron and Steel Industry Association had posted a profit of

 33.1 billion yuan (4.76 billion U.S. dollars) in the first eleven months of 2016, compared with a

 loss of 52.9 billion yuan in the same period of 2015.

Year 2016 was only a start, and that China was facing a tougher battle in 2017, adding that this

 year the government would set a higher goal for reducing overcapacity and was determined to shut

 down "zombie enterprises."