Government ‘won’t force’ big coal output cuts

    THE government will not force coal mines to cut output on a large scale if prices remain within a reasonable range, the country’s top economic planner said yesterday, the latest comments from the government on its efforts to tackle excess supplies and smog.

    In a statement, the National Development and Reform Commission said provincial governments and relevant agencies will decide whether to implement cutbacks at inefficient mines. It did not say what price range it would consider reasonable, but said it expects prices to fall steadily.

    Hebei to close last ‘zombie’ steel mills in two years

    HEBEI, China’s biggest steelmaking province, will close its eight remaining “zombie” steel mills in the next two years, Governor Zhang Qingwei said yesterday at a briefing on the sidelines of the country’s annual parliament meeting.

    The province in the north of the country near the capital Beijing is home to 104 mills that account for nearly a quarter of China’s total steel output and is home to some of its smoggiest cities. It has pledged to cut steel capacity by 31.17 million tons by 2017 and by 49.13 million tons by 2020. Zhang repeated that the province plans to close all steel mills in the cities of Langfang, Baoding and Zhangjiakou, which will co-host the 2022 Winter Olympics with Beijing, by the end of 2020.

    Beijing Auto’s green energy car unit plans IPO

    THE green energy car subsidiary of Beijing Automotive Group plans an initial public offering (IPO) in 2018, chairman Xu Heyi said Monday, adding that the unit should be profitable that year.

    China has aggressively promoted battery electric and plug-in hybrid cars, including spending billions of dollars in subsidies, in an effort to cut heavy urban smog and promote technological innovation in its auto sector. Xu said battery production costs for Beijing Electric Vehicle Co. are dropping by 15-20 percent per year.

    Zhong An plans to sell 5-10 percent stake

    ZHONG An Online Property and Casualty Insurance plans to sell 5-10 percent of the company to a couple of strategic investors to raise up to 10 billion yuan (US$1.45 billion) ahead of a planned initial public offering, according to sources.

    China’s first Internet-only insurer is in early talks with potential investors, according to the sources.