The China Files (Special Project): Steel

China's State Council agreed Aug. 26 to several measures to curb the Chinese steel industry's overcapacity. This latest move by the central government to consolidate the country's fragmented steel industry is meant to address the shortcomings and unintended consequences of the National Development and Reform Commission's Steel Development Policy of 2005. However, the new measures do nothing to address the need for comprehensive political reform, so their ability to effectively consolidate China's steel industry will be greatly limited.