China plans to cut 1.8M coal, steel jobs

The Chinese government announced today plans to shed 1.8 million coal and steel jobs in an effort to reduce excess capacity.

The coal sector employs 1.3 million, while the steel industry has 500,000 workers.

"Although this is a very difficult task, in every respect, it is something that we must actively work to accomplish," said Yin Weimin, China's top human resources and social security official.

Yin did not say when the jobs would go.

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