BEIJING (Reuters) - China is likely to complete its coal capacity reduction target by 2018, state-run Xinhua News reported on Tuesday, citing Lian Weiliang, the vice director of the National Development and Reform Commission.
China is expected to cut the total number of coal mines to 7,000 next year, from 10,800 in 2015, said Lian, while addressing the audience at China’s annual coal trade summit in the northern city of Qinhuangdao.
Lian added that the government will take more measures to cool down the market and that the current price is relatively high.
Coal supplies will be ample in 2018 with many coal mines increasing their production capacity, Xinhua reported Lian as saying.
The domestic market will be balanced next year as China keeps importing coal and increases domestic output, he said.
Reporting by Meng Meng and Josephine Mason; Editing by Christian Schmollinger