On May 4 a spokesperson for China's National Development and Reform Commission (NDRC) said that, in order to boost the nation's energy saving and emission reduction program, the Chinese government will maintain the reforms on prices of resource products as well as environment protection charges, will put into effect differential electricity pricing, and will tighten credit lines in high energy consuming industries and in industries with over capacity.
According to the NDRC official, the Chinese government has planned to eliminate 10 million mt of iron production capacity and 6 million mt of steel production capacity across China in the current year. In addition, a series of policies and regulations as regards energy saving and emissions reduction are to be promulgated.