The Chinese government drafted a five-year plan in 2021 to invest in new mines offshore.Ĭhina’s 2021 plans also included boosting domestic iron ore production by 30 per cent and increasing scrap steel recycling. “This reflects the strengthening of policy coordination, the improvement of the investment environment, and clear market expectations which have boosted the investment confidence of market players,” Mr Lu said, according to an excerpt of his speech published online.Ĭhina is determined to reduce its dependence on Australian and Brazilian iron ore, which accounts for most of its steel-making needs. Iron ore production capacity would increase by 170 million once all the new planned projects were completed, although no time frame was given. He said that investment in iron ore had increased by 33.3 per cent in 2022, and that more than 20 iron ore projects would start construction this year and in 2024. Lu Weiei, a senior official with the NDRC’s Industry Department, told a conference last week that construction had started on six key iron ore projects which would add another 27.7 million tonnes to China’s domestic iron ore production. Iron ore shipments at the docks in Putian, in China’s Fujian province. Top officials from the National Development and Reform Commission (NDRC) also said tax cuts, quicker safety approvals and other measures were being adopted to accelerate domestic iron ore production.
* No discussions of specific VPNs – please visit r/VPN or our PrivacyGuides coverage of VPNs.Tokyo | China’s state planner says it will streamline and speed up the approval process for domestic iron ore projects as part of the government’s ambition to reduce dependence on the key steel-making ingredient from Australia. Conspiracy thinking and spreading FUD is not allowed.Meme/image/video posts are not allowed.Do not editorialize titles, use titles from the original news source.
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