China Metal Industry NewslettersChinaMarketResearch.comJanuary 22, 2004 130 Pages - SKU: CMRC954450 |
Countries covered: China
The white paper is issued by the Information Office of the State Council on Dec.23. 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. In the field of oil and gas resources, the Chinese government has adopted the pattern of cooperation with foreign companies based on product-sharing contracts, which has been widely welcomed by foreign oil companies, the white paper said. 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, according to the white paper. 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 white paper says the Chinese government will stick to the protocol on its accession to the World Trade Organization and other relevant commitments. The government will abolish administrative regulations and rules that are incompatible with WTO rules. These newsletters will give readers a clear picture of the developments in these areas in China. |
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