China Plans to cut 1.8M Coal and Steel Jobs

http://money.cnn.com/2016/02/29/news/economy/china-steel-coal-jobs/index.html

The Chinese government said Monday it was planning to shed 1.8 million coal and steel jobs in an effort to reduce excess capacity.

Some 1.3 million jobs will be lost in the coal sector, and 500,000 in the steel industry.
"Although this is a very difficult task, in every respect, it is something that we must actively work to accomplish," said Yin Weimin, China's top human resources and social security official. Yin did not say when the jobs would go.
The cuts represent about 20% and 11% of China's coal and steel jobs, respectively, according to IHS Insight.