State-owned firms pledge more cuts to production capacity

BEIJING - China's central State-owned enterprises have pledged to continue to cut production overcapacity in some industrial sectors, aiming to reduce steel capacity by 5.95 million metric tons and coal by 24.73 million tons.

"Detailed plans have been made by central SOEs," said an insider who wanted to be anonymous.

China Huaneng Group said it was considering cutting 9.14 million tons of coal production capacity by the end of 2018 while dealing with 16 of the group's "zombie companies".