28-11-2013, 02:14 PM
Coal industry is also consolidating...
China moves to aid struggling coal industry
SHANGHAI] China will tighten approvals for new coal mines, eliminate small and unsafe ones and encourage industry consolidation in a bid to curb vicious competition, China's State Council, or cabinet, said late on Wednesday.
The policies are aimed at aiding the country's struggling coal sector, which has been suffering from over-capacity and falling prices.
Beijing will also raise the threshold for coal imports by stengthening quality checks and encouraging high-quality imports, as well as reducing taxes and fees on coal producers, according to the statement, which was published on the website of China's coal association.
China's coal industry has been hurt by a fall in coal prices, as well as a government strategy to switch to cleaner fuels.
Coal producers including China Shenhua Energy Co Ltd , China Coal Energy Co Ltd , Yanzhou Coal Mining Co Ltd and Inner Mongolia Yitai Coal Co Ltd have all reported weak earnings so far this year. - Reuters
Source: Business Times Breaking News
China moves to aid struggling coal industry
SHANGHAI] China will tighten approvals for new coal mines, eliminate small and unsafe ones and encourage industry consolidation in a bid to curb vicious competition, China's State Council, or cabinet, said late on Wednesday.
The policies are aimed at aiding the country's struggling coal sector, which has been suffering from over-capacity and falling prices.
Beijing will also raise the threshold for coal imports by stengthening quality checks and encouraging high-quality imports, as well as reducing taxes and fees on coal producers, according to the statement, which was published on the website of China's coal association.
China's coal industry has been hurt by a fall in coal prices, as well as a government strategy to switch to cleaner fuels.
Coal producers including China Shenhua Energy Co Ltd , China Coal Energy Co Ltd , Yanzhou Coal Mining Co Ltd and Inner Mongolia Yitai Coal Co Ltd have all reported weak earnings so far this year. - Reuters
Source: Business Times Breaking News