03 March 2017 Current Affairs: China has announced that it will cut five lakh jobs from steel, coal and other heavy industries to reduce excess production capacity amid slowdown of its economy which is world’s second largest.
China produces more than half the world’s steel, but in recent times due to drop in global demand it has left the steel industry with massive overcapacity.
China’s economy grew 6.7% year on year in 2016, the slowest pace of growth in 26 years from 6.9% in 2015.
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