China’s industrial polluters given two months to close

China’s industry chiefs have warned 2,087 companies to close obsolete production facilities within two months or face cuts in credit and a suspension of government approvals. The Ministry of Industry (MIIT) and Information Technology has set the deadline at the end of September for firms to shut down outdated facilities, in a move to cut overcapacity and raise the level of economic growth. Li Yizhong, Minister of Industry and Information Technology, said bank loans and new project approvals from the government would not be provided to those companies who failed to clean up. (August 17, 2010)