SHANGHAI, Apr. 29 (SMM) – China’s Ministry of Industry & Information Technology (MIIT) issued Capacity Substitution Program in Industries Suffering Overcapacity, including aluminum, demonstrating the central government’s determination to rein in blind capacity.
Capacity Substitution is conducted in two forms: full substitution and partial substitution.
Under full capacity substitution, companies must retire outdated or surplus capacity that is equal to new capacity to be built prior to the launch of new projects. Under partial capacity substitution, companies must retire outdated or surplus capacity that is in excess of new capacity to be built prior to the launch of new projects.
Full capacity substitution shall apply to industries suffering overcapacity in environmentally sensitive areas, such as Beijing, Tianjin, Hebei, Shanghai, Zhejiang, Guangzhou, Shenzhen, Zhuhai, Foshan, Jiangmen, Dongguan, Zhongshan, Huizhou and Zhaoqing.
The Program shall run through December, 31, 2017.
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