China to adopt measures to cope with price hike of iron ore

People’s Daily Online, English Edition
The Chinese government plans to cope with rising iron ore prices in the international market by strictly controlling real estate development and urban construction, the China Business Times reported Thursday.
During a meeting chaired by Chinese Premier Wen Jiabao on Wednesday, the State Council stressed the need to control the rapid development of the real estate industry and urban construction, as the two sectors play an important role in achieving the target, the paper said.
The government will also restrict exports of iron ore and abolish the export tax rebate policies that encouraged businesses to export billet and steel ingot, it said.
Meanwhile, the government will strengthen the coordination and management of industry and further readjust its structure and control production capacity.
The government will also encourage industrial businesses to adjust and change their growth pattern from energy and resource consuming to energy-saving, it said.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.