BEIJING (March 5): China on Thursday said it would crack down on overcapacity in steel, oil refining and other heavy industries, repeating some of the pledges made a year ago, as the world's largest commodity producer grapples with persistent oversupply. Beijing has long targeted its massive steel sector for reform, but the language this year is less specific than at the last annual meeting of the National People's Congress. In the same report in March 2025, Beijing vowed to restructure the steel sector by cutting output. On Thursday, China said it would intensify efforts to explore, develop and stockpile strategic mineral resources, while also increasing overseas resource exploitation. China also said it would continue to strengthen and build its secretive strategic commodity stockpiles without giving any details.

Source: The Edge Markets March 05, 2026 07:02 UTC