China allocates $21b to deal with job losses from capacity cuts

China allocates $21b to deal with job losses from capacity cuts

BEIJING - China will allocate 100 billion yuan ($21 billion) over two years to relocate workers during China's industrial restructuring, the Ministry of Industry and Information Technology said on Thursday.

Relocating workers was the main problem that needed to be solved in restructuring Chinese industry, vice-minister Feng Fei told a news conference in Beijing.

China was currently focused on tackling unemployment in the steel and coal industries where overcapacity was most pronounced, he added.

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