China plans to cut 500 000 jobs this year

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Beijing - China will further trim its bloated smokestack industries this year and support other sectors in services or internet-related businesses to create new jobs.

The country plans to eliminate another 500 000 jobs in industries with excess capacity, Minister of Human Resources Yin Weimin said at a briefing on Wednesday in Beijing. That’s part of an effort to trim 1.8 million employees in steel and coal over a few years. About 726 000 jobs were cut from those industries last year, Yin said.

China has vowed to tackle inefficiency and pollution in industries with excess capacity, aiming to do so without stirring social unrest from mass layoffs. The central government has allocated 100 billion yuan to subsidize the transfer of displaced workers, with more than 30 billion yuan spent last year, according to Yin.

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