By Hao Zhou (chinadaily.com.cn)
Updated: 2007-08-06 15:55

China will tighten the management over the nonferrous metal industry in the second half year with the aim to curb blind investment in copper, aluminum, and lead-zinc refining sectors, according to a recent report issued by the National Development and Reform Commission, China Securities News reported today.

Related readings:  China leads world in nonferrous metals output  Metallurgy: China to become world's No.2 gold producer  China to increase rare metals' export tax  Non-ferrous metals prices surge

Statistics show that during the first five months this year, all State-owned nonferrous metal enterprises and those non-State ones with an annual sales revenue of over 5 million yuan reported a total core business revenue of 681.2 billion yuan (US$90.13 billion), up 47.3 percent year-on-year, and total profits of 51.5 billion yuan (US$6.8 billion), up 41.3 percent.

Meanwhile, fixed assets investment in the industry reached 43.4 billion yuan (US$5.74 billion), up 40.8 percent from a year before, and 16.2 percentage points lower than the growth rate in the first quarter this year.

The report suggested it will step up efforts to eliminate outdated technologies and equipment in the nonferrous metal industry. Furthermore, it will employ an electricity pricing system to guide the industry towards a complete structural overhaul and encourage better performance in energy efficiency and environmental protection.