China announces millions of layoffs in coal, steel industries

EPA/MICHAEL REYNOLDS

According to the Chinese Minister, for human resources, the workers that are made redundant should be relocated and offered training.

The Chinese government is trying to restructure the national economy making the transition from a developing market status quo to a developed one


Close to 1.3 million workers in the coal and steel industries will be laid off, according to Chinese Minister of Human Resources and Social Security Yin Weimin. According to the Minister, the workers that are made redundant should be relocated and offered training.

Overall, the Chinese government is on the process of restructuring its economy making it less dependent on fossil fuels, reducing industrial overcapacity and boosting services. According to figures published in the CIA World Factbo...


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