“Policies come from above, counter-reactions from below” goes a proverb cited to explain the Chinese government’s opaque inner workings.
That phenomenon has been on open display at the annual session of the National People’s Congress, where a central government plan to tackle industrial overcapacity has met a chorus of complaints over who is to foot the bill.
For the past two weeks, Beijing has acknowledged that solving the problem will involve job losses — almost 6m, by some estimates. Beijing has proposed that central government should establish a Rmb100bn ($15bn) fund to retrain workers but specified that local governments and the companies must foot part of the bill. In return, banks would be expected to provide new loans.
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