The Chinese economy has become more resilient and is able to create more jobs to absorb laid-off workers, Xu said at a news conference on the sidelines of two sessions, the annual meetings of legislators and policy advisers⁴.

 

"We will strengthen our efforts to reduce overcapacity," he said, citing Hebei and Heilongjiang provinces as areas that "have maintained social stability while pushing corporate⁵ restructuring".

 

The steel sector² will reduce capacity by 100 to 150 million metric tons in five years, and the coal mining sector will cut capacity by 500 million tons, with another 500 million tons to be restructured in three to five years, he said.

 

Researchers estimate that about 3 million workers could be laid off in the coming two to three years if current capacity is reduced by 30 percent in targeted sectors such as steel, coal mining and cement.

 

Xu said there will not be a second round of massive layoffs⁶ this time.

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