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BEIJING, Oct 29 (AFP): China will impose tighter controls over the country's copper smelting industry amid renewed efforts to curb industry-specific overheating, state press reported Thursday.
Measures include tax adjustments on product and credit controls, Xinhua news agency reported, citing Jia Yinsong, deputy director of the National Development and Reform Commission's (NDRC's) Bureau of Economic Operations.
Surging copper prices over the past two years, fueled by expansion of power plants, has driven copper smelters to expand capacity, Jia said.
The industry is now at risk from over-investment and excessive borrowing, as well as pollution from sulfur dioxide.
China, the world's biggest metals consumer, produced 2.17 million tonnes of electrolytic copper last year, with demand of 4.5 million tons, resulting in a supply shortfall of 2.33 million tons.
The report did not say when the measures would be implemented.
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