China expects to lay off 1.8 million workers in coal, steel sectors

(Hat tip: KimR) - China said on Monday it expects to lay off 1.8 million workers in the coal and steel industries, or about 15 percent of the workforce, as part of efforts to reduce industrial overcapacity, but no timeframe was given. It was the first time China has given figures that underline the magnitude of its task in dealing with slowing growth and bloated state enterprises. Read more at Reuters