China's steel base Hebei makes progress in cutting overcapacity

Hebei province, China's leading producer of iron and steel, has made remarkable progress in reducing overcapacity amid an ongoing industrial upgrading, according to a work report from the provincial government.

From 2016 to 2020, Hebei reduced its crude steel production capacity by over 82 million tons, said the report delivered at the annual session of the provincial legislature, which opened on Friday.

During the period, the province also saw the number of national-level high-tech enterprises increase nearly five-fold from 1,628 to 9,400.

Hebei is shifting its energy and industry structures from coal and steel to emerging and high-end industries, in an effort to achieve high-quality development and reduce pollution.

In the next five years, the province will accelerate its efforts to boost innovation, aiming to nurture 100 leading tech firms with global competitiveness, according to the report.