China has slapped a moratorium on new coal mines in its eastern regions as it battles an enormous supply glut.
As with swaths of Chinese industry, coal production is racked by overcapacity and falling prices — contributing to the slowdown that saw the economy expand 7.4 per cent last year, the slowest annual pace in nearly a quarter of a century.
Yet undeterred by massive oversupply and falling demand, an additional 1bn tonnes of coal production capacity is being built in the country, Wang Xianzheng, chairman of the China Coal Industry Association, told a conference in Beijing on Thursday, according to Reuters.
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