SteelOrbis Shanghai
China to bring further payments and taxes on the utilization of resources to create a fair market and to protect the environment during the 11th Five Year Development plan, says Mr. Zhu Zhigang, deputy secretary of
China's Ministry of Finance.
According to the new plan, both the existing mines and new mines will pay a certain amount to obtain the exploitation rights. Currently, old mines do not have to pay for the exploitation rights. The new system aims to create a fair competitive market for both old and new enterprises. 80 percent of the payments taken from mining rights will be given to the local government.
The reform also includes a system for environment protection, imposing taxes on mining enterprises and laying emphasis on the security of
production. Mr. Zhu said that the key point of the environment protection system lies in the control on the pollutant emissions.
Mr. Zhu commented that the interest of the majority should be considered when implementing the government's reform policy.