Nine capacity cut champs to be rewarded

A total of up to 20 billion yuan could be paid at the provincial level as bonuses

Beijing will offer rewards to nine provinces that exceeded their capacity cut targets in 2016, financed by a portion of the 100 billion yuan ($14.5 billion) subsidy allotted to help address overcapacity, Xu Hongcai, assistant finance minister, said on Friday.

Rewards for good performance will facilitate overall progress in cutting overcapacity this year, but less-developed areas that face greater difficulties with economic restructuring also need more financial help, experts said.