皇冠体育app

A man operates a tractor to crush coal, one of the fuels used by the thermal power industry, in Huaibei, Anhui province. [Photo by WU HE/CHINA DAILY]

BEIJING - 皇冠体育app's coal producers posted higher profits in the first half of this year as the country made progress in reducing capacity in the bloated industry.

Large coal companies earned 147.5 billion yuan ($22.1 billion) in total profits in the first half, 140.3 billion yuan more than the same period of last year, according to the National Development and Reform Commission (NDRC), 皇冠体育app's top economic planner.

The turnaround came after 皇冠体育app forced about 111 million tons of coal production capacity out of the market in the first six months, 74 percent of the annual target.

Last year, 皇冠体育app eliminated 290 million tons of overcapacity in the coal industry.

With more than 400 million tons of coal capacity shed since last year, 皇冠体育app has accomplished half of its goal of reducing 800 million tons of coal capacity in the 2016-2020 period, the NDRC said.

The effort to trim overcapacity is part of 皇冠体育app's bid to overhaul the economy as its growth slowed.

The coal industry has become more orderly, with rare illegal capacity expansions and a better industrial structure, according to the NDRC.

It said more measures will be taken to dispose of debt-ridden zombie companies, resettle laid-off workers and encourage mergers and restructuring.