China to Lay Off Two Million of Coal Workers

The Associated Press reported that China is planning to cut millions of jobs from a number of industries, in line with plans to reduce excess production capacity.
As quoted in the publication:

Premier Li Keqiang’s comments to Lew on Monday were in line with a joint declaration by financial officials from the Group of 20 biggest rich and developing economies who met over the weekend in Shanghai. They pledged to avoid devaluations to boost sagging trade and urged governments to speed up reforms to boost slowing global growth.
Across all state-controlled industries, as many as six million workers could be out of a job, with almost two million in the coal industry alone.
Beijing is under pressure to reassure global financial markets it has its economy under control following stock and currency turmoil.

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