CHINA-ECONOMY

 Speaking at a meeting on China's economy for the 2015-2016 period, which was attended by government officials, think tanks, and entrepreneurs, Yang Weimin, Deputy Director of the Office of the Central Leading Group on Finance and Economic Affairs said: "Structural reform, especially cutting overcapacity, will inevitably affect the employment status and income of some people, but that's a step we have to take." He added that a mature support mechanism must be in place to ensure social stability, and by doing that, there won't be mass unemployment.

(Comment: Cutting industrial overcapacity was listed as one of the five major economic work tasks at the recent Central Economic Work Conference, and was considered one of the key measures of the so-called "supply-side" reform.)
 






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