Raw materials sector seen to grow 8% in 2015
THE raw materials industry in China is expected to grow around 8 percent this year, the Ministry of Industry and Information Technology said in a report on its website yesterday.
The report summarized the performance of the industry in 2014 and sets out a plan to develop it this year.
The industry expanded 8.3 percent in 2014, 2 percentage points down from the year before.
However, the growth rate in investment posted a considerable drop in most sectors. The report said that the cement industry saw a drop of 18.7 percent in investment last year.
Exports of raw materials surged, the report said, adding that innovative technologies helped lower the environmental cost.
In 2015, the government will tackle overcapacity by pushing competent companies to seek mergers or acquisitions in sectors like steel, electrolytic aluminum, cement and chemical fertilizer. The government will also encourage mature companies to establish overseas plants.
The government will help raw materials firms expand by tapping opportunities in urbanization, high-end equipment manufacturing, transport and water infrastructure projects.
To further develop the sector, the government will unveil a system to compensate companies for risks involved in the initial application of new materials.
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