China’s annual economic blueprint unveiled this week touted the inroads China has made in paring back production in its bloated steel industry. A closer look suggests that much of the progress was on paper. China’s overproduction of steel remains a challenge to the country’s growth model and a global source of discontent. Steel and coal capacity cuts featured in development plans set out Sunday at China’s annual National People’s Congress; officials have sought since to highlight them as among the government’s top priorities. The reductions in steel production are an attempt to upgrade an aging industry that has contributed to years of heavy smog, soaring corporate debt, and global trade spats. Hundreds of facilities have been forced to shut down. Yet some officials said many targeted plants were already idle
Okay, now our mini commentary on the current craziness. We simply don’t understand the strategy of the media-politico aggressors in this whole affair, first quoting eavesdropping, and then denying there was any eavesdropping. Sounds pretty dumb: all tactics and no strategy. Andy McCarthy has a good piece. So does Roger Simon. We can’t summon the mental energy to comment at any length on such stupidity.
Bonus: here’s fake news that at least is funny.