Foreign investors in China's mining industry will soon have the same access to the country's geological information as their Chinese counterparts.
Since "detailed and reliable" geological data are essential in the selection of mining sites, this change is expected to greatly facilitate foreign investors' risk control, said Ye Dongsong, vice-minister of land and resources, at a press conference yesterday.
Foreign investors began to show interest in China's mining industry as early as the 1980s, but limited access to even basic geological information has been a notable obstruction to the actual flow of foreign investment into the sector.
"Foreign investment is essential to the development of our mining industry, and we are committed to improving our investment environment in this area," said Ye, when announcing that the country's revised managerial regulations on geological data will become effective on July 1.
One revolutionary change brought about by the new regulations is that it stipulates that all geological data be reported to and managed by the ministry, instead of being controlled by a number of different organs, as it once was.
The ministry, in turn, should allow public access to the data, excluding data concerning the safety of the country.
And the data that is released should still be classified as non-commercial or commercial, with the former made available free of charge, while the latter will be subject to the payment of an appropriate fee.
This is the first time for foreign investors to be given the same access to geological data as Chinese firms, said Shao Juenian, a leading mineral resource official with the ministry.
"From now on, no Chinese party will be able to take advantage of a foreign competitor by denying access to geological data or providing incorrect information," said Shao.
Anyone who fails to submit required geological data to the ministry, or falsifies or blocks access to geological data, will be fined.
Also, any party guilty of any of the above offences will not be granted related certificates, or be permitted to bid on any national engineering projects for a specified period.
(China Daily April 5, 2002)
