February 29, 2016 / 6:18 AM / 4 years ago

China sets up 100 billion yuan fund to cover layoffs in coal, steel sectors

BEIJING (Reuters) - China’s Premier Li Keqiang said a 100 billion yuan ($15.27 billion) fund for unemployment will mainly focus on the steel and coal sectors.

The remark was made during a meeting with U.S. Treasury Secretary Jack Lew on Monday.

China expects to lay off 1.8 million workers in the coal and steel sectors as part of its efforts to reduce industrial overcapacity, an official at the human resources and social security ministry said on Monday.

Reporting by Beijing Monitoring Desk; Editing by SImon Cameron-Moore

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