China vows to cut steel, refining oil

​China said on Thursday ​it will reduce the ​production ⁠capacity of ​steel, oil ‌refining, and other industries ​in an orderly manner while ‌strengthening the production ‌capacity ​management of copper smelting, alumina, coal, ​and chemical industry among ​others. It will also promote the supply-demand balance in ‌key industries of steel, nonferrous metals, building ⁠materials, petrochemicals, ​and chemicals, according to an ⁠official ⁠report from the ⁠National Development and Reform Commission.