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Media: China to shut a thousand of manufacturing firms by 2020Media: China to shut a thousand of manufacturing firms by 2020 |
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China is planning to shut 1,000 manufacturing companies by 2020 as part of the country’s plan to restructure its economy, according to a media report. In 2018 alone, Chinese government will close 500 manufacturing companies and 176 markets and logistics centres, and relocate several universities and hospitals to suburban areas.
It is still unsure which sector would be affected the most by the plan; however, this is just a part of the country’s bigger initiative to relocate non-capital function industries from Beijing to nearby cities – Hebei to ease congestion and pollution.