Business Activities News
- China moves to curb aluminum-smelting investment
Date: 11-Apr-2007 Sources: (Shenzhen Daily)
With investment in China's aluminum-smelting sector jumping 124.2 percent year-on-year in the first two months, the country's top economic planner urged investment in the sector be curbed.
The National Development and Reform Commission (NDRC) said investment in aluminum smelters increased when prices for aluminum products were rising and shortage of electricity supply was eased.
Now, however, there is an oversupply of aluminum and prices are dropping, according to the NDRC.
'The adjustment of aluminum industry has entered a key stage,' said a senior official with the NDRC.
'China must curb blind investment in this sector,' he said.
An urgent notice issued by NDRC asked related government bodies to stop aluminum projects that fail to meet industry policies, environment evaluation and other related regulations.
The notice also asks to lift the industry entry threshold and strengthen market monitoring.
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