China's Iron & Steel Industry and the Global Financial Crisis

Abstract

This article reviews the sustained and fast development of China's iron & steel industry since the reform and opening-up, the serious impact of the global financial crisis in 2008 on China's iron & steel industry and the domestic and foreign market backgrounds which rapidly brought China's iron & steel industry into downturn. It introduces the important measures the Chinese government has taken to expand domestic demand and restrain economic decline. It analyses the profound problems accumulated during the long-term rapid development of China's iron & steel industry and the challenges it faces. It raises important issues which need attention and main measures which should be adopted for China's iron & steel industry to react to the crisis and realize long-term and stable development.