(Yicai Global) Sept. 28 -- China's central state-owned enterprises in the steel and coal industries have overachieved in their bid to cut excess capacity, Xiao Yaqing, director of the State-Owned Assets Supervision and Administration Commission (SASAC), said at a press briefing held by the State Council Information Office on Sept. 28.
SOEs nationwide sought to cut overcapacity last year, Xiao said, with state-owned steel capacity making up 80 percent of the national total, and coal capacity making up 73 percent of the national coal excess of 200 million tons.
In the first eight months of this year, central state-owned enterprises have cut steel overcapacity by 16.14 million tons and coal excess by 55.1 million tons. The SASAC also reshuffled 100 million tons of overcapacity between central SOEs, further reducing excess coal capacity.
In terms of deleveraging and debt reduction, the average asset-liability ratio of SOEs at the end of August was 66.5 percent, down 0.2 percentage points from earlier this year, showing stability with a slight decline, Xiao added.