SHANGHAI, July 23 (Reuters) - China has set up a coal asset management firm as part of its effort to reduce excess capacity in the sector, China's state-owned assets regulator said.
China Shenhua Group, China National Coal Group Corp, China Reform Holdings Corp and China Chengtong Holdings Group have jointly set up the firm, the State-owned Assets Supervision and Administration Commission said in a website statement.
The asset management firm will be mainly used to help cut overcapacity, push consolidation for state-owned coal resources and promote state-owned coal companies to restructure and upgrade.
China has vowed to tackle price-sapping supply gluts in major industrial sectors, and said in February it would close 100 million to 150 million tonnes of steel capacity and 500 million tonnes of coal production in the coming three to five years. (Reporting by Ruby Lian and Brenda Goh; Editing by Robert Birsel)