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China orders production cuts in some industries

[July 26, 2013]  BEIJING (AP) -- China's government has ordered companies in 19 industries including steel and cement to reduce production, affirming its determination to restructure the economy despite slowing growth.

The Cabinet's planning agency issued detailed orders to more than 1,400 companies to reduce production or close some facilities outright. It also applies to producers of copper and glass.

The move affirmed the Communist Party's determination to reduce China's reliance on investment and heavy industry by promoting service industries and technology.

It was one more sign the Cabinet is resisting calls to launch a new stimulus to reverse a slowdown that saw China's economic growth dip to a two-decade low of 7.5 percent in the latest quarter.

[Associated Press]

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