Xiao Chunquan, director of the National Development and Reform Commission of China, said that China's metal output has soared and the pace of mining development has been slow. The dependence on imports of raw materials will threaten China's economic development. The government will control metal production and encourage metal companies to seek new resources to promote domestic mining.
Comprehensive foreign news reported on June 1, Xiao Chunquan, director of the National Development and Reform Commission of China, said that the rapid increase in China's metal production has pushed up global raw material prices, leading to rising import prices. Thus the Chinese government will control production.
In the past few years, Chinese metal manufacturers have developed rapidly, supporting the country's first quarter GDP growth of 9.4%. However, the development of the mining industry is not enough. If the metal manufacturing industry still relies on imported raw materials, it will pose a threat to China's economic development.
China's imports of aluminum in 2004 were $1 billion higher than in 2002. In 2005, some iron ore suppliers raised their prices by 71.5%.
The Chinese government will provide priority policies for metal companies and help them finance. These companies are also encouraged to seek new resources to develop existing domestic mining. Companies that exploit low-grade mines will enjoy tax exemption policies.
China National Mining Co., Ltd. expects that 57% of China's iron ore still needs to be imported by 2010, and the proportion of refined copper and aluminum imports is as high as 70% and 80% respectively. The company currently owns 5 million tons of copper reserves, 150,000 tons of cobalt, 1.03 million tons of zinc and 800,000 tons of nickel. It is planned to increase the total overseas reserves of these minerals to 40 million tons by 2010, and increase the alumina reserve plan to 300 million tons.
Comprehensive foreign news reported on June 1, Xiao Chunquan, director of the National Development and Reform Commission of China, said that the rapid increase in China's metal production has pushed up global raw material prices, leading to rising import prices. Thus the Chinese government will control production.
In the past few years, Chinese metal manufacturers have developed rapidly, supporting the country's first quarter GDP growth of 9.4%. However, the development of the mining industry is not enough. If the metal manufacturing industry still relies on imported raw materials, it will pose a threat to China's economic development.
China's imports of aluminum in 2004 were $1 billion higher than in 2002. In 2005, some iron ore suppliers raised their prices by 71.5%.
The Chinese government will provide priority policies for metal companies and help them finance. These companies are also encouraged to seek new resources to develop existing domestic mining. Companies that exploit low-grade mines will enjoy tax exemption policies.
China National Mining Co., Ltd. expects that 57% of China's iron ore still needs to be imported by 2010, and the proportion of refined copper and aluminum imports is as high as 70% and 80% respectively. The company currently owns 5 million tons of copper reserves, 150,000 tons of cobalt, 1.03 million tons of zinc and 800,000 tons of nickel. It is planned to increase the total overseas reserves of these minerals to 40 million tons by 2010, and increase the alumina reserve plan to 300 million tons.
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