Chinese officials push for more urbanization, cuts in some industries

03/6/2013 | China Daily (Beijing) · Xinhuanet.com (China)

Chinese officials pointed to more aggressive measures to fund the nation's urbanization process and the need to rationalize industry, where overcapacity burdens some sectors. Citing such methods as asset securitization, central bank Governor Zhou Xiaochuan said that "many overseas financial instruments can be applied to China's urbanization, especially in term of the construction of infrastructure facilities and public utilities." But separately, the need for restraint in a number of industries was cited by National Development and Reform Commission chief Zhang Ping, who noted that such basic sectors as steel, cement and plate glass are operating at as little as 70% of capacity.

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China Daily (Beijing) · Xinhuanet.com (China)

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