China urges local governments to shut excess steel capacity, ban illegal subsidies

27th Aug 2018

China on Tuesday urged local authorities to strictly comply with Beijing-issued policies shutting excessive steel capacity and banning export and import subsidies for steel companies that violate World Trade Organization rules.

The statement by the Ministry of Commerce also asked local authorities not to issue any policy that may benefit the illegal expansion of steel capacity or may impede the elimination of “zombie” companies.

Source: REUTERS