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Countries covered: China
China will further encourage foreign businesses to invest in developing the country's mineral resources and promote the exchange of domestic and foreign resources, capital, information, technologies and markets on the basis of mutual benefit. China began to open its oil industry to the outside world in 1982 by using foreign capital and technology to prospect and exploit oil and gas resources. As a result, the range of exploitation has been extended, and the output of crude oil has risen by big margins. China issued three major policies in 1999, 2000 and 2002, making it clear that the government will give greater financial support to foreign investors. It encourages overseas companies to make technical innovations, increase domestic purchases and invest in the central and western regions. The government will also improve the management and services for foreign-funded firms. As for other mineral resources, China issued a major policy on encouraging foreign investment in exploring and exploiting these minerals in October 2000. It opens the prospecting and mining rights market further to foreign companies, as they are allowed to set up wholly owned subsidiaries to start prospect these resources, besides teaming up with Chinese partners. In the future, China will pay more attention to introducing technology, management knowledge and talents from overseas into the mineral sector, instead of focusing only on luring foreign capital, it said. The country will also encourage foreign firms to invest in the service and trading segments of mineral sector, while in the past foreign investors are welcomed only to the prospecting and mining segments. The government will abolish administrative regulations and rules that are incompatible with WTO rules. These newsletters will give readers an outline of the development trends in these industries and markets. |
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