US

China pledges further cuts in excess steel, coal production

China's top economic planner pledged Tuesday to continue cutting steel and coal production that have been a source of trade friction with many countries.

China reached targets for cuts last year, Xu Shaoshi, chairman of the National Development and Reform Commission, said, adding that millions of steel and coal workers have been transferred to other jobs.

Other industries such as cement and glass are also "actively" cutting capacity, Xu said.

China's trade partners blame the country for dumping excess steel, coal, cement and glass on world markets. President-elect Donald Trump has engaged in a war of words with Beijing, accusing China of unfair trade practices and threatening punishing tariffs.

Chinese leaders say they are working to solve excess capacity but acknowledge the impact on state workers.

China's economy is estimated to have grown roughly 6.7 percent last year, Xu said.

Inflation rose 2 percent last year, the National Bureau of Statistics reported Tuesday, expanding faster than in 2015, when it rose 1.4 percent.