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A man works at Conglin Group, an aluminum giant, in Longkou county in Yantai city of Shandong province, Sept 21, 2016. The company manufactures lightweight aluminum-based equipment, and it claims that its aluminum has a 60 to 70 percent of the high-speed train market share in China.[Photo provided to chinadaily.com.cn] |
Cutting overcapacity in nine industries
Shandong province is getting rid of loss-making companies, or "zombie companies" in nine sectors: steel, cement, sheet glass, electrolytic aluminum, shipping, oil refining, tire, chemical and coal.
It has already shut down four iron and steel companies, 58 coal mines and cut coal capacity by 16.25 million tons.
The province also has achieved remarkable progress in seven other industries.
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