President Xi Jinping delviered a speech at the 2016 G20 Hangzhou Summit meeting. In the speech, it includes China will use five-year period to reduce the crude steel production capacity from 100 million to 150 million tons. President Xi said, inthe new starting point, we will unswervingly promote green development, and seeking better quality and efficiency. The economic developing is rely on the environment improvement. Protect the environment is to develop the productive forces.
We will unswervingly implement the strategy of sustaninable development, adhere to the green low-carbon development cycle, adhere to the basic national pol.icy of saving resources and protecting the environment. We promote green development, but also to take the initiative to address climate change and overcapacity. The next five years, the Chinese unit GDP water consumption, energy consumption, carbon dioxide emissions would fall by 23%, 15%, 18%. We want build better enviroment in China and people truly feel the ecological benefits brought by economic development.
From 2016, we are vigorously promoting supply-side structural reforms, the initiative to regulate supply and demand, and then use the five-year period to reduce the crude steel production capacity from 100 million to 150 million tons, with 3-5 years time to quit coal production capacity of 500 million tons, reduction of about 500 million tons restructuring. This is what we set out from their own long-term development, from production to agaist the structure, steady growth starting to take independent action.