China to lay off at
least 5
million coal and
steel workers by 2019
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.
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More about
Retrenchment,
Eco**mics,
China, and
Business 
