Automobile production in China, already the world’s biggest market, may climb about 60 percent in the next eight years, boosting demand for steel, according to ArcelorMittal, the largest producer.
ArcelorMittal, the world’s largest steelmaker, welcomed the potential removal of a near 10-year block on overseas takeovers in China’s steel industry.
China’s central bank announced a 0.5 percentage point cut in reserve requirements for some banks, giving details of a policy move aimed at supporting smaller companies and agriculture.
Economic growth in the northern Chinese city of Taiyuan, Shanxi province, has crashed to zero from 12 percent in one year. Yan Xiaofeng’s coal-equipment business has gone down with it.
China should refrain from rolling out more stimulus to boost economic growth and continue to implement changes to curb dangers from shadow banking and local government debt, the International Monetary Fund said.
Bank of England Governor Mervyn King said that global policy makers’ response to the financial crisis of 2008 has left borrowing costs too low.