Government support for Mining Industry in China

The government in 2000 approved the opening of a diamond exchange market in Henan. China in 2000 became the world’s eighth-largest consumer of precious stones (actual figures were difficult to ascertain because of smuggling and overseas purchases), and “Great China,” which included Hong Kong and Taiwan, was believed to be the world’s third-largest diamond market, after the United States and Japan.

In 2000, the government issued several laws and regulations to improve the country’s investment environment and foreign investors’ confidence. The laws and regulations dealt with, among other things, mineral resource exploitation planning, land exploitation, mine ownership transfer, customs law, gold mining, Sino-foreign contractural joint ventures, foreign capital enterprises, and mineral-resource deposit size classification standards. The government continued its efforts to restructure the mining and metal sectors, abolishing nine bureaus, transferring responsibilities to industrial associations, dissolving three state-owned nonferrous enterprises, and, to help the industry become more efficient, ceding management to provincial and city governments.

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The government also offered incentives to companies—exemption from income tax, tariffs, and import value-added tax (VAT)—to invest in the poorer western provinces. It also began to phase out the preferential taxes for foreign enterprises, prepared to draft a “zero tariff rate” policy for exports, issued guidelines to allow foreign enterprises to conduct mineral exploration in China, and agreed to eliminate import quotas and dismantle export subsidies. China planned to increase production of cement, copper, fertilizer, iron, lead, nickel, salt, soda ash, and zinc, and expected to retain its dominance in the world market for antimony, barite, fluorspar, magnesite, rare earths, and tungsten.

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