China faces a massive layoff in the coal and steel sectors struggling with overcapacity amid a protracted business slump.
Yin Weimin, the minister for human resources and social security, told a news conference Monday that 1.3 million workers in the coal sector could lose jobs, plus 500,000 from the steel sector.
It was the first time China has given a number for job losses as the world’s second largest economy faces great challenges brought by industrial overcapacity amid slowing growth.
China's coal and steel sectors employ about 12 million workers, according to data published by the National Bureau of Statistics, which said China's survey-based unemployment rate was at 5.01 percent at the end of 2015.
China has reported economic growth of 6.9 percent for 2015, its weakest in 25 years.
By Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
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