China to lay off at least 5 million coal and steel workers by 2019
 

China to lay off at least 5 million coal and steel workers by 2019
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As part of its efforts to rejuvenate its flagging eco**my, China has revealed its plans to lay off 5 million to 6 million state workers in the coal and steel industries in the next two to three years.

During a meeting between China's premier Li Keqiang and U.S. Treasury Secretary Jacob Lew in Beijing on Monday, Li pledged to avoid devaluing its currency to boost eco**my growth.

"China does **t intend to devalue the renminbi [yuan] to engage in a trade war," said Chinese Finance Minister Zhu Guangyao.

SEE ALSO: China's eco**my hasn't been this slow since Nirvana was still together


Facing global pressure to reassure financial markets, Li told Lew that China will move ahead with its long-term plan to squeeze excess production capacity out of industries where supply exceeds demand, reported AP. Read more...


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