China expects to lay off 1.8 million workers in the coal and steel sectors as part of its efforts to reduce industrial overcapacity, Yin Weimin, minister of human resources and social security, said Monday.
Yin said capacity cuts will lead to some layoffs in 2016 but said he was confident of keeping employment stable this year despite downward pressure on the economy, Reuters reports.
No timeframe was given for the 1.8 million layoffs.
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.
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