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| Industry News |
| Guidance on Merger and Reorganization of Iron & Steel Industry to be Launched |
| 2009-09-09 10:41:43 |
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| On August 13, the State Council Information Office held a press conference on the efforts of speeding up industrial restructuring and maintaining stable and rapid growth of the industry. Li Yizhong, Minister of the Ministry of Industry and Information Technology (MIIT), said RMB20 billion has been invested in technological updating of enterprises, mainly supporting iron and steel industry; MIIT is drafting the Guidance on Merger and Reorganization of Iron & Steel industry, which says no new steel and iron projects will be approved in the next three years; in iron ore negotiations, Chinese iron and steel industry should stand together and avoid bidding up ore prices.
According to Li Yizhong, in the first half of this year, while promoting “guarantee economic growth” policy, MIIT accelerated industrial restructuring, completed the compilation of Adjustment and Vitalization Plans for ten major industries along with the National Development and Reform Commission, brought forward 165 enforcement regulations, 66 of which have been fulfilled, supported technological upgrading of enterprises, sped up merger and reorganization of enterprises, and orderly advanced the backward capacity elimination, energy conservation and emission reduction. This year, the Ministry of Finance (MOF) deployed RMB20 billion of discount funds for technological upgrading of enterprises, and supported projects with the characteristics of self-innovation, quality varieties, energy conservation and consumption reduction, environmental protection, equipment renewal, safe production, and integration of industrialization and informatization. As of early August, 1,680 projects with a total investment of RMB562.5 billion have been approved. MOF have financed the first group of 884 projects, supporting iron & steel, nonferrous metals, and petrochemical industries to speed up common technical research and development, adjust product structure, optimize technical process, develop circular economy, promote energy conservation and emission reduction, promote independent manufacturing of major technical equipment, and accelerate product upgrading. |
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