With millions poised to lose their jobs as China shuts down scores of underperforming mines and mills, Beijing has pledged to soften the blow, devoting a Rmb100bn ($15.4bn) fund to help “resettle” workers in the thriving service sector.
But a tour around Tangshan, China’s steel capital in Hebei province that lies some 260km south-east of Beijing, shows how optimistic such a plan is.
Even as Li Keqiang, the premier, vowed at his annual press conference earlier this month that China would avoid mass lay-offs, Qianan Zhayi Steel, a private mill in Tangshan, became the latest to start closing its blast furnaces for good.
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