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Print[Ferro-alloys.com] On a steel technology forum recently, honorary President of Chinese Academy of Engineering Xu Kuangdi put forward a new idea on the solution of overcapacity of steel industry.
President Xu introduced that many developed countries used to face the problem of steel overcapacity. Based on the experiences and lessons that we got from USA, Europe and Japan, he put forward the following suggestions:
First, define backward production capacity based on environmental standards rather than steel variety or enterprise scale. Second, collect environmental tax according to emission quantity. Third, adjust fiscal and taxation system and consider listing environmental tax as provincial fiscal income and strengthening the dominant role of provincial government in backward capacity elimination. Fourth, establish steel transformation foundation to control capacity.
President Xu claimed that enterprise restructuring was a reasonable method to dispel overcapacity and it would take China 5-10 years to solve this problem.
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