As part of its efforts to rejuvenate its flagging economy, China has revealed its plans to lay off 5 million to 6 million state workers in the coal and steel industries in the next two to three years.
During a meeting between China’s premier Li Keqiang and U.S. Treasury Secretary Jacob Lew in Beijing on Monday, Li pledged to avoid devaluing its currency to boost economy growth.
“China does not intend to devalue the renminbi [yuan] to engage in a trade war,” said Chinese Finance Minister Zhu Guangyao.
Facing global pressure to reassure financial markets, Li told Lew that China will move ahead with its long-term plan to squeeze excess production capacity out of industries where supply exceeds demand, reported AP. Read more…
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