China to Curb Expansion of Energy-Consuming Copper Smelting Industry
Posted on: Thursday, 27 October 2005, 09:00 CDT
China to curb expansion of energy-consuming copper smelting industry
BEIJING, Oct. 26 (Xinhua) -- The wild expansion of copper smelting capacity will be vigorously curbed, said an official with the National Development and Reform Commission (NDRC) Wednesday.
The copper smelting industry is the fourth sector framed under the country's macro control following the other three of steel, cement, and electrolytic aluminum.
The copper price, which doubled since 2003, inspired many companies across the country to expand the capacity of copper smelting, said Jia Yinsong at a press conference releasing the economic performance of the third quarter.
The rising copper price was largely related to increasing demand due to recent expansion of power plants, said Jia
The consequence was that the country now relies heavily on imported materials to maintain the production of copper, he said.
He estimated that, by the end of 2007, China would accumulate about 3.7 million tons of smelting capacity, far exceeding the guaranteed concentration of copper ore in the country and possible supply in the global market.
He noted that the industry of copper smelting was now endangered with risks from over investment and bank loans, and that sulfur dioxide produced in copper smelting would pollute the environment.
The NDRC official said that with the implementation of macro control measures, the construction of power plants would settle down on a platform and the demand for copper would be maintained at a normal level.
It's high time that blind investment in copper smelting be vigorously curbed, he said.
The official said that the country would make use of economic instruments to adjust the capital proportion of new copper projects, reinforce the credit management of copper projects, and tune taxes levied on copper products.
He said that the country would also revise the industrial policy of the sector, while stepping up the industry's restructuring and squeezing out stragglers.
Source: Xinhua News Agency - CEIS
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