China said Tuesday it has promulgated an overall plan for the supply of mineral resources in the process of the economic globalization, which requires development of both domestic and foreign resources.
The plan, recently approved by the State Council, has made clear that while increasing domestic supply, foreign energy resources will be used to make up the shortage at the home market, said Pan Wencan, director of the Planning Department with the Ministry of Land and Resources.
China's comprehensive mineral resources condition is far from being optimistic with a distinctive demand-supply unbalance and stringent reserve, he said.
Although China is the third largest mining country in the world with a large mineral reserve, its per-capita occupation of resources is only 58 percent of the world's average level. Important resources, such as petroleum, high-grade iron ore, chromite, copper and sylvite, fall short of supply, Pan said.
According to the plan, China will motivate more competitive mining companies to enter the global market by exploring foreign mineral resources, in addition to regular imports.
As China enhances its presence in the global energy market, it has accelerated the opening-up of the solid mineral resources market, after successful attempts in Sino-foreign joint ventures in oil and natural gas exploration, said Pan.
He said China has already had a law system to protect foreign companies' interests in participating mining exploration in China.
The plan specifies what China encourages, restricts and bans in the exploration and development of mineral resources, the official said.
(Xinhua 06/13/2001)
