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China moves to address overcapacity in emerging sectors like wind power

Source:www.chinaview.cn       Updated:August 26 18:54

BEIJING, Aug. 26 (Xinhua) -- China's State Council, the Cabinet, warned Wednesday of overcapacity in emerging sectors such as wind power, saying the country would move to "guide" development troubled by overcapacity and redundant projects.

Overcapacity has persisted in the steel and cement sectors, while redundant projects have surfaced in the emerging sectors of wind power and polysilicon, said a statement issued after an executive meeting of the State Council, presided over by Premier Wen Jiabao. 

Overcapacity and redundant projects remain prominent because of slow progress in industrial restructuring in some of these sectors," the statement said.

"Guidance" would be particularly enhanced on the development of steel, cement, plate glass, coal chemical, poly silicon, and wind power sectors, it said.  

Sales revenue in the first seven months fell 6.2 percent from the same period a year ago to 6.39 trillion yuan. The decrease was0.1 percentage points lower than the first half. The guidance would include strict controls on market access, reinforced environmental supervision, and tougher controls over land use.

Banks were ordered to lend money for these sectors in strict accordance with present industrial policies.

Relevant government agencies would also strengthen monitoring over industrial capacity in these sectors, and jointly release information on topics such as the current scale of operations, public demand, and government industrial policies, said the statement.

Editor: An