China aims to lay off 5 to 6 million state workers over the next two to three years as part of efforts to curb industrial overcapacity and pollution. The move is being seen as Beijing's boldest retrenchment program in almost two decades. China's leadership, obsessed with maintaining stability and making sure redundancies do not lead to unrest, will spend nearly 150 billion yuan ($23 billion) to cover layoffs in just the coal and steel sectors in the next 2-3 years. [...] The hugely inefficient state sector employed around 37 million people in 2013, and accounts for about 40 percent of...