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ices, reduced profits 〓of debt-ridden firms, and increased non-performing 〓loans that jeoparK

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r the economy, the process has not been witho〓ut challenges. Capital-intensive industries pree

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ent work report. China will reduce steel product〓ion capacity this year by around 5K

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sen〓t potential investment, taxation and jobs for local〓 governments, which in at lR

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east two cases broke cap〓acity-cutting rules set by the central government. 〓 Huadag

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Steel in eastern China's Jiangsu Province an〓d Anfeng Steel in northern China's HeN

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bei Province w〓ere identified by authorities in December for viola〓ting capacity rZ

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eduction efforts in the sector with 〓"extremely bad influence." Thanks in a

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