China: Zhou Xiaochuan, the governor of the People's Bank of China, has described government targets for cutting excess capacity in the steel and cement industries as ‘optimistic.’ The Chinese government says it wants to cut steel and cement production capacity by around 10% but Zhou said he thought that might be difficult, given continued investment in urban housing and infrastructure, according to the Wall Street Journal. He made the comments at a seminar held by the Group of Thirty in Washington, US.
Chinese lead banker expresses doubts on cutting cement production capacity
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