BEIJING: More than 1,400 companies in 19 industries in China have been asked to reduce their production due to overcapacity, the ministry of industry and information technology has said.
The reduction must be completed by the end of September and production may not be transferred to other regions, reported Xinhua citing the ministry.
China is the world's biggest producer of steel, aluminium and cement. Overcapacity in a number of sectors has dragged down prices and profit margins for some enterprises amid the country's economic slowdown.
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