The Chinese government will no longer approve in principle any expansion work related to such six oversupplied industries as steel, cement, flat glasses, coal chemicals, polycrystalline silicon and wind power equipment, according to a statement by the National Development and Reform Commission (NDRC).
A source with the NDRC said as for the 58 million tons of new steel projects under construction, efforts will be done to identify outdated capacity and filter them out. Two 10 million tpy steel projects, Baosteels Zhanjiang steel base in Guangdong and Wiscos Fangchenggang steel base in Guangxi, endorsed in early 2008, have been suspended. Authorities at all levels must tighten the regulations on administrative approval and prevent fiscal stimulus money from being spent on illegal expansion works. Expansion plans, if really necessary, in the six sectors are subject to the NDRC for studies and final approval.
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