The State Council issued a circular on June 16 to boost the nonferrous metal industry, with efforts to upgrade the industrial structure and optimize the market.
The circular was released as a solution to looming problems such as overcapacity and supply-demand imbalance, which have emerged in recent years, hindering the development of the nonferrous metal industry.
Sticking to a market-oriented strategy, the State Council encourages enterprises to make independent decisions in business operations, and make progress in key capacity cooperation projects with their international counterparts.
According to the document, strictly controlling new capacity and weeding out unqualified enterprises will be one of the government’s top priorities in improving the industry.
Technology innovation is highlighted, which calls for building digital mine and pilot factories featuring intelligent manufacturing in key areas of research and development, production, and services. And deep-processing is also encouraged.
Related departments are urged to introduce the “One Belt, One Road” strategy to enterprises, in order to help them go global with the whole industrial chain, from equipment to services.
The government will increase policy support, including differential power pricing, preferential tax and financial support, to secure the development of the nonferrous metal industry. Furthermore, resettlement of laid-off workers is a key task, to help them find new employment or start up businesses.