Fostering multinational mining groups urged
(People's Daily Online)
Updated: 2004-10-29 15:53

Huang Shuhe, deputy director-general of the State-owned Assets Supervision and Administration Commission (SASAC), said on Thursday China's aggregate demand for major mineral resources continues to expand and shortages of various major metal resources have increasingly become the "bottleneck" of economic growth.

In the future China should quicken its pace in fostering large multinational mining groups of international competitiveness, which would provide resource guaranty for China's sustainable economic development.

Huang Shuhe made the above remark at the Chinese Large Enterprises "Going Global" to Exploit Mineral Resources Seminar held by the SASAC. He said mineral resources are the "food" and "blood" of modern industry.

According to a survey on China's 19 major mineral resources such as nickel, manganese and chromium only 5 of them will be sufficient or generally sufficient to meet the economic need by the year 2020. The others will have to depend on import to various extents.

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