By David Stanway PINGDINGSHAN, China (Reuters) – China has ordered state firms to smash the decades-old system of providing cradle-to-grave welfare support, known as the country's “iron rice bowl”. At the heart of soot-covered Pingdingshan in central China is the Pingmei Shenma Group, a state coal conglomerate that dominates the economy, society and air of the heavily polluted city in Henan province. If they are not closed down, much of the infrastructure will need to be renovated, which State Council researchers estimate will cost more than 1 trillion yuan ($115 billion) nationwide.
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Heralding social, financial change, China aims blow at iron rice bowl
