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China's Mining Industry to Open Wider: Official
China plans to further open up its mining sector to the rest of the world by allowing foreign companies to inspect local mineral resources either independently or accompanied by local partners in the field, Vice Minister of Land and Resources announced Friday in Urumqi.
Foreign investors are encouraged to inspect and mine mineral resources, except oil and gas, can enjoy the prior rights in mining, and are free to transfer their rights of inspection and mining, said Shou at the opening ceremony of a round-table conference on Western Development and Mining Investment in China, in Urumqi, capital of northwestern Xinjiang Uygur Autonomous Region.
The official warned government departments at all levels not to collect illegal charges from foreign investors.
The ministry is working on a program for developing land resources in the western part of the country, hoping to encourage companies to explore the resources of marketable minerals.
China will develop a new type of internationally competitive, open, and environment-friendly mining industry compatible to the demands of a market economy, the official said, noting that the country will shift the focus of its mining industry to western areas step by step.
Wang Lequan, secretary of the autonomous regional committee of the Communist Party of China, said Xinjiang is drawing up new regulations on foreign investment in the inspection and mining of local mineral resources.
The autonomous region has reached agreements with some well-known mining firms in exploring local gold mines.
Karin Flinelston, country manager of the International Finance Corporation and the World Bank, said that the World Bank and a number of foreign companies are willing to undertake a long-term cooperation with the western part of China and help improve the investment environment in the region, in the form of financing.
The conference, co-sponsored by the Ministry of Land and Resources and the World Bank, has attracted over 130 people including central government officials, representatives from 10 western provinces and regions and those from some eastern part of the country, as well as officials from the World Bank and Australia.
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