China's Ministry¹ of Finance said last Wednesday it has earmarked a special fund of 100 billion yuan (15.33 billion U.S. dollars) to subsidize local governments and state-owned enterprises (SOEs) in reducing steel and coal overcapacity.

我国财政部上周三表示，已指拨1000亿元（折合153.3亿美元）的专项资金用于奖补地方政府和国有企业化解钢铁、煤炭行业过剩产能。

The ministry said in a statement that 80 percent of the funds will be distributed to local governments and centrally administered SOEs based on their respective capacity reduction assignments, as well as the number of laid-off workers that must be resettled and the difficulty of doing so.

财政部在一份声明中指出，80%的资金将根据地方政府和央企退出产能的任务量、须安置下岗职工人数及困难程度进行分配。

The remainder will be allocated² based on how well local governments and SOEs fulfill³ their assignments, the statement said.

该声明还表示，其余资金将按照地方政府和国企任务的完成情况进行分配。

The ministry added that it will continue to implement⁴ preferential taxation⁵ policies, including tax refunds⁶ for steel exports and tax preferences for urban land use by coal miners.

财政部还补充道，将继续实施优惠税收政策，这其中就包括对钢铁出口退税以及煤炭矿工对城市土地利用的税收优惠。

To encourage the development and use of coal bed gas between 2016 and 2020, the central finance subsidy⁷ for coal bed gas will be raised from 0.2 yuan to 0.3 yuan per cubic meter, the statement said.

该声明指出，为鼓励在2016年至2020年期间对煤层气进行开发和利用，煤层气的中央财政补贴标准从0.2元/立方米提高到0.3元/立方米。