News

Cao Yuanzheng, Chief Economist, Bank of China, delivered a speech in the Theme Forum of CHINA MINING 2012

                                                                               (Photo from www.mlr.gov.cn. Photo:Ye Xingmao / Editor: Chen Hui)

The Theme Forum of CHINA MINING 2012 “Join hands to meet challenges and promote sustainable development” was held at Tianjin Meijiang Convention and Exhibition Center on the morning of Nov. 4th, 2012. The picture reveals that Mr. Cao Yuanzheng, the Chief Economist of Bank of China, delivered a speech of “Chinese Economy under Global Rebalancing” in CHINA MINING 2012. I am very glad to attend this meeting. Considering the close relationship between Chinese mineral development and the world economic development, I shall talk about the Chinese Economy Under Global Rebalancing. For the recent 30years, China has become an emerging factor to the world economy, and also has become Chinese factor. Mineral has long investment cycle, with large money scale, so maybe it is helpful to mining economy by considering the trend of the world economy from longer and more comprehensive angle. As we know that, people are always talking about one question: How the crisis happened? The very important source was the unbalance of the world economy, and this unbalance, simply say, was the difference of BOP between developing countries and developed countries, especially the surplus and deficits in the current accounts.
The concentrated expression of unbalance is that the developing countries have surplus and the developed countries have deficits in the current accounts, but at the back, it is the economic structure. There are two different extremes in the economic structure, China and America. American economy is consumer promotion style, and the consumption occupies 70.5% in America, but only 33.8% in China in GDP; while Chinese economy is investment driving style, and the investment occupies 48.6% in China, but only 12.6% in America in GDP. So, the rebalance of the world economy is not only the balance of BOP, but the adjustment of economic structure. We think the rebalance is under developing, during which, the world economy is getting slow-down, which has been mentioned by some speakers. We have noticed that, the world economy has passed three periods: every country economy has grown rapidly before 2008 in globalization. Then, it has been a double speed for the economy after the financial crisis broke up in 2008, which cause an economy boom in developing countries, but economy decay in developed countries. The economy has been slow down both in developing countries and developed countries since this year. The global PM index is important as a leading indicator of index, which performed not optimistic in the downturn of global GDP. There are some fears that the world economy would slows further. The world economic pattern is changing by the structure. This is accumulated slowly. If calculated by GDP, it is almost the same in developed and developing countries, but why facing uncertain environment? Actually, the world economic order is the gap between the north and the south, but the gap of GDP has disappeared, so the North-South differences of the world economic order has been challenged naturally. The old order does not work, the new order is not established, and this is the world economic volatile situation. In the turbulence, we see the problems mentioned by the former speakers. The direction of international capital flow is not clear for the economic situation is not clear, and the order is not stable. This causes the price fluctuations in financial market including the bulk commodities. The prices of commodities have been in the continuous oscillation since this year, including oil, mineral products, and agricultural products. If the world economy is still in adjustment, this situation will continue. We say that the world economy is adjusted to global rebalancing. China has played an active role. China factor is in what position that is very important in global rebalancing. We are fully aware of what Chinese economy plays in the world economy, we also put forward to expand domestic demand which is a positive contribution to the rebalancing of the world economy, so in the "12th Five-Year " plan, the Chinese government proposed to continue to expand domestic demand, especially the consumer demand strategy. That means we must fully tap the huge potential of domestic demand, speed up to form consuming investment, export coordination, stimulating economic growth. For all above, we have made major moves. According to the "12th Five-Year” plan, we see the significant moves, simply called two growth, two synchronous, mainly by improving the incomes of residents to expand domestic demand. The focus of expanding domestic demand is to expand consumption. First, improve the wage income in the proportion of the primary distribution. Second, increase the income of residents in the proportion of the national proportion. The “12th Five-Year “plan has particularly high requirements to increase the proportion of these two. Wage income growth and labor productivity improve must be synchronized. Residents` income and GDP growth must be synchronized. Let’s do a simple statistic: expecting that the next 10 years, China maintains the growth rate at 8%, and the income of the residents sustain this growth, too. Then the next ten years the residents’ income would be doubled. Considering the social security level, and also the population growth of residents in recent years, we see that the real growth of Chinese residents is at 3%.Then, five years later, the income of Chinese residents would be doubled. Imagine that, this is a country of 1300000000 people, if the income of the residents doubles in ten years, how large the market would be. We often speak to bankers that, if you choose to grow with China, dare not to say you would become the largest companies in the world, but you can become the global fastest enterprises in growth rate. This growth pattern has a precedent, Japan proposed national income doubling plan in 1960, seven years, Japanese national income doubled. Many once unknown Japanese enterprises had become famous enterprises. China’s domestic demand expanding plays an important role in the global economy. How to play? We can consider the problem from three aspects: first, residents’ income growth can expand domestic demand. As incomes increase, some industries have become very prominent. For example, transportation and communication industry are closely related to income increase. Education, culture, entertainment, and residential are closely related with income increase. You know, the slow growth of income in China mainly concentrate in rural areas, if peasants income increase, many Chinese products will have better sales situation, many traditional products have a longer life cycle, and supplies will have more sustained demand for mineral. Facing the financial crisis of China in 2008, the home appliances subsidy measures caused large-scale sale in agricultural provinces. If the peasants` income grows, the market will continue to expand. These two years, the hot sales of agricultural equipment, home appliances, cars in the countryside were related to the countervailing measures. But other industries, like domestic tourism, during the Spring Festival, proved that tourism market was very large, and the self-driving tour is the most important part, so cars sales have good prospects. More importantly, China is in the process of urbanization which increases the demand of inhabitation. This is relatively straightforward fact. The process of urbanization is mainly about the migrant workers. We did a special study on migrant workers living demand. As you can see, this is the situation of migrant workers accommodation. At present, the migrant workers are mostly at the site of the shed, or a flat-share, at the best. But we are noticing the tendency of further development. It is from the camp to flat-share and from flat-share to depended houses. It is a huge market in China, which includes building materials, iron and steel supporting the long-term role. Why is that? In addition to the income increase of the of migrant workers, the most important is that Chinese social security covers all the people eight years ahead of schedule. The improvement of the coverage of social security greatly eases the pressure. There is another increasing factor which is the infrastructure. If we want to get urbanization, the infrastructure must develop, including convenient consumption, total water conservancy investment, the Chinese City Road area. Seen from this, in fact, the urbanization is accelerating. For the road area, there are not only a lot of gaps and improve space compared with the developed countries, but also a considerable gap between east and west and urban and rural areas. It is necessary to be improved. The development of high-speed railway is still a very important part for the urbanization of China. If the high-speed railway developed, especially of the cities, urbanization of China would not be like this, but form a city group, a large city belt. China is in development, under expanding. This is giving a positive impact on the world economy. China has become the world`s largest exporter and the second largest importer in 2010. For recent years, the growth of imports still has been increasing. We have reason to believe that, China will become the world`s largest importer in the future. The market demand of China will contribute to the world economy. From the perspective of total demand in global, 1/4 of total demand is from China. This is why Chinese factor has been discussed increasingly. Although the Chinese economy appears to slow down, we can see that the process of urbanization in China has just started. If we make a comparison with the export-oriented countries in Asia, during this period, Chinese urbanization is far down to the same level of Asian countries. So far, Chinese urbanization rate is only 51%, more strictly, 35% among the 51% are urban residents, and other 15% are mobile. Generally, a developed country’s urbanization rate should be at least 75%. There is quite a gap for China. That means there is considerable potential in growth. So we can see that, if there is a good system of Chinese economy, if the reform continues to go further, maintaining to grow at 8% around, the development would appear to be sustainable in the long run, at least ten years. In this way, Chinese economy is continuing to contribute to the world economy, and a long-term mechanism for establishing and expanding the consumer demand in accordance with the "12th Five-Year” plan will be set up. Take consumption as the strategic focus for expanding and to stimulate the consumption ability, and gradually make the domestic demand ranks the forefront of the world. I want to say that, I used to work in the government for many years, and participated in many programming of plans. But I want to say, the last sentence of this plan is very important. Gradually make the domestic demand ranks the forefront of the world, and China will make important contribution to world demand. Then with the expansion of domestic demand in China, Chinese demand for natural resources will increase steadily. China will become the natural resources demand decisive participants. This is a decisive change. It is an inevitable choice to grow with Chinese economy for the mining companies, and mining economy. That is all, thank you！ （translated by TLRHVC） About CHINA MINING
 
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises. CHINA MINING Congress and Expo 2012 is held at Meijiang Convention and Exhibition Center in Tianjin on November 3rd-6th, 2012 (Expo is opened on 3rd pm Nov., 2012). We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.

Wang Xin, IMF economist, on behalf of Murtaza Syed-Resident Representative of IMF in China delivered a speech in the Keynote Session of CHINA MINING 2012

                                                                               (Photo from www.mlr.gov.cn. Photo:Ye Xingmao / Editor: Chen Hui)

The Theme Forum of CHINA MINING 2012 “Join hands to meet challenges and promote sustainable development” was held at Tianjin Meijiang Convention and Exhibition Center on the morning of Nov.4th, 2012. Mr.Wang Xin, IMF economist, delivered a speech on behalf of Murtaza Syed, the resident representative of IMF in China. Glad to be here, I`m an economist from IMF Beijing office. Today, I will make a speech on behalf of Mr. Murtaza Syed, the resident representative of IMF in China My speech is divided into three parts. The first part mainly introduces the global economic outlook. Then I will introduce the medium-term, the recent situation of Chinese economy. Finally I will explain what challenges would China face in the medium-term, and what is the impact for China. First, Let’s take a look at the prospects for the global economy, ( PPT ) the two pictures on the left, the blue curve represents the fixed capital investment and personal consumption, which have begun to decline in developed economies. On the right side of the blueprint, the industrial output value, among developed economies is also in decline. This means that, for emerging markets, demand is weak. From the red curve we can see that the global trade is in slow, too. This is bad news for everyone, especially for emerging economies. The growth rate of personal consumption, the investment in fixed assets, as well as industrial output is down in the second quarter. Why does the demand in the developed economies decline? The first reason is the developed economies have relatively large fiscal deficits, some depend on increasing the income to reduce government spending, and we call it the fusion or financial integration. This will promote the development of the entity economy. In addition, the financial system in developed countries including lending and so on is still rather weak, especially in the United States, coupled with the impact of the European debt, so the market is confused to the policy of the world.  (PPT) The red line in the two pictures represents the policy uncertainty in Europe and American region. The green line represents the volatility of the stock market. We can see that, the trend of the green line is similar to the red line. Basically, the policy uncertainty in the United States and Europe is still relatively high, which will make the market more cautious, and more conservative. We have just mentioned three problems, the first is the financial integration, the second is the financial system is relatively weak, and the third is the policy uncertainty. These three factors will be recovered slowly predicted by IMF, especially in developed economies. The rate of economic growth was only 1.2%, in 2012, in America. The GDP growth rate is 2.2%. The euro zone will decline. The emerging economies and developing economies are relatively high in growth, but lower than in 2010.
We forecast the growth rate of GDP in China will be 7.8%, and 8.2% in 2013. On the other hand, downside risks are rising. (PPT) These two pictures below show the euro area and America’s prospects. The euro zone as you can see will have a recession in 2012, and this possibility may reach to 80%. When the real downside risk appears, the first thing is to take measures to solve the crisis in the euro area. For example inside of the area, fix the stability mechanism to make the integration for the banks and finance. The second is for financial policy. America has to establish the extra space to solve the fiscal cliff and the debt ceiling at present, so we think that the integration should be more moderate in America, in order to not to affect the real economy growth. On the other hand, America should also introduce the feasible strategy to give appropriate adjustment and support for mobility. In many developing economies, the supply is also very important, especially when the real economy demand is relatively weak. For the demand in the developed economies, rebalancing measures should be achieved in emerging economies, which will increase the domestic demand. So we see the prospects for the future global economy, and we also notice that the global economic recovery will be slow, and there will be a highly downside risk, so the developed economies should cope with these risks. I will show the economic situation of China next. One month ago, we were worried about the Chinese economy, but the market had been flat. The data had showed that Chinese economy had begun to rebound by September. Chinese economy was guided by the government`s policy, at the beginning. China wanted to make GDP growth slow to reduce the risk of overheating. (PPT) we can see the fixed asset growth rate from the chart on the right, in the investments of state-owned enterprises declined sharply at the beginning in 2011. This slowdown triggered by economic policy caused the downside risk. We did not see obvious rebound in 2008, and 2009, and the euro zone also declined, so China had been hit, and even experienced negative growth for the exports to Europe and Japan, so the export related investment was cut. This is also a downside risk to the Chinese economy. The pictures on the left and right side show monetary policy relaxation, so we can see that new loans increased in 2012, but the policy was relatively mild, especially compared with those in 2009, and in 2010. The benchmark loan, and deposit rates in the people`s Bank of China also changed. Now the situation has been different from the beginning of 2009. The government has seen the policy adjustment and the crunch of real estate, so the growth of 50% we saw in 2009 was totally different. We believe that with appropriate response, Chinese economy has started the soft landing. Just as we have predicted, the rate of GDP growth is at 7.8%, and in 2013, it will be 8.3%. In addition, the CPI inflation will be reduced, and will maintain at a stable level. The outlook for Chinese economy is relatively optimistic. Exports to America and Europe accounted for more than 50% in China`s overall exports. If China’s export is not good, it would impact on the real estate market and other areas of China; if the prices of houses fall by30%, the output will be decreased by 3%-4%, and the other will decline. So in order to deal with these potential risks, Chinese government introduced a number of policies, but I think the stimulus policies would not be carried out in 2008, 2009, and 2010. For the past 5 years the proportion of GDP has changed. The credit ratio in the GDP is relatively not the same for China. In addition, the local government loans accounted for high level in the last few years, Chinese government will carry out some policies, of course. Now the debt of central government is relatively low accounted in GDP. For the next five years, the government debt in GDP will remain low, which will make the government make some budget stimulus policy. But we don`t think the Chinese stimulus policy will promote the domestic demand in the future, and this will make the government`s strategy is more sustainable. I have just introduced Chinese economy, and we think that China has got a soft landing, and the Chinese government has done some stimulating strategies for consumption in the budget to deal with the downside risk.  (PPT) Next, with investment driving style Chinese economy has shifted to a more sustainable model. Let’s see how China will develop in medium-term. China has made a very good adjustment by seeing the diagram on the left. The increase rate of GDP has been adjusted from 7% to 3% in 2007, and the domestic demand had grown for the past ten years. The red curve is showing the household consumption, and the investment grown in this period, too. It also shows that Chinese economy was investment driving type at that time, and was not sustainable in some way. We also made some comparison on ratios of consumption and investment.  (PPT) Let’s look at the investment situation of local provinces. The investment will also be adjusted accordingly, when the external demand declines gradually. In addition, high investment rate also makes the unbalance of the rich and the poor. In 2008, the Gene coefficient of China reached 9% in the countryside, which could cause damages to Chinese economy. The investment driving model increases the demand for metals in a large scale in deed. It is only 10% in 2000, but now it has reached to more than 40%.  (PPT) You can see the Chinese mineral import situation from the slide here. The green line represents copper, and the red line represents iron. They all have increased greatly from 2006 till now. There has been a sharp increase in iron especially in 2009, and in 2010. The right side shows the balance of trade in goods. Most of the goods have surplus in the balance of trade, but to the metals, Chin is a net importer. At the same time, we can see that the price indexes of the whole metal industry have been raised for the past ten years. We can see that the slowdown of Chinese economy. We can also see the prices have declined rapidly. The slowdown of Chinese real estate also has caused great influence to the metal prices. Some policies and measures are still to be taken by the government to promote the growth of domestic demand. We also need to take corresponding measures, including the stimulation of investment, and looser credit. We believe in the “12th Five-Year “plan and we believe that we can achieve the corresponding goal in the next 3 years. Thank you very much! I would like to thank the China Mining for the opportunity to give this report, thank you! （translated by TLRHVC） About CHINA MINING
 
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises. CHINA MINING Congress and Expo 2012 is held at Meijiang Convention and Exhibition Center in Tianjin on November 3rd-6th, 2012 (Expo is opened on 3rd pm Nov., 2012). We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.

Ba Shusong delivered a speech in the Theme Forum of CHINA MINING 2012

                                                                               (Photo from www.mlr.gov.cn. Photo:Ye Xingmao / Editor: Chen Hui)

The Theme Forum of CHINA MINING 2012 “Join hands to meet challenges and promote sustainable development” was held at Tianjin Meijiang Convention and Exhibition Center on the morning of Nov.4th, 2012. The photo reveals that Mr. Ba Shusong, Vice President of Institute of Finance, Development Research Center of the State Council, PRC, Chief Economist, China banking Association, d delivered a speech in CHINA MINING 2012. Thank you. I’m so honored to have the opportunity to participate in this event, and make twenty minutes speech. Just now Mr. Roderick.G, Eggert mentioned that China`s macroeconomic situation, the adjustment of economic structure to the resource price influence whether demand end or supply end are various influence, and this is a fact. Although China may not be a big country in many resources stock influence, but in the incremental effect, it is not allow to be ignored. It also tells us that resources price and the whole macroeconomic policy, economic structure are closely related to the transformation. As researchers in the United States are concerned about China`s economy, in fact many Chinese investors are the same.  In the next American election, if let gold investors choose , it is estimated that Mr Romney is eliminated, because Mr.Romney elected would tighten fiscal and promote the dollar which is not conducive to gold and is beneficial to the stock market. Behind this, we also see that the macroeconomic policy and resource price trend correlate. At present, China`s economy are through with a complete economic cycle. After 2008, we achieved high in 2010 by 4 trillion leading. Then, we fell gradually, and see the bottom. This year`s economic situation trend has been made, and the fourth quarter is expected to return to 8%. So from this, in the next two years it doesn`t have big stimulus which drive the economy rebounded just like2008,2009, and more generally in sustainable, or to look for sustainable growth rate steady growth environment of the adjustment of economic structure. What are the effects of the economic structure adjustment to resource price? Just now Minister Xu in his lecture has talked about green mineral and green mining. This is an aspect, what I see is another aspect. From the aspect of the banking industry, the overall China`s banking bad assets rise in this year. In the economic decline period , it played very smooth, and overall growth is very mild in affordable range. But in the aspect of area, it is very concentrated, mainly concentrated in Zhejiang province. You check the Banks’ new bad assets in the economic downturn period, and it is often this kind of branch, like Hangzhou branch, Wenzhou branch, Ningbo branch, and so on. Behind this, actually it also reflects the ongoing economic structure adjustment. Because I once worked in Zhejiang, I know why it appeared bad asset growth a little faster. In 2008 and 2009, in the economy as a whole and lever to expand liabilities process the speed is quick, Zhejiang is faster. Moreover, Wenzhou is faster than the whole Zhejiang. So in the economic downturn period, leverage process by nature is relatively large impact. More worth thinking is where is the money. Because we can see the speed of Zhejiang new credit is faster than its GDP growth. From the actual follow see, one is a real estate, and the other is a mineral resources investment field. So a large number of private capital from the original non mineral field rushing into will promote usually say super cycle inside the power that notes allow to ignore. Now economic downturn, resources and real estate prices fell in control, all of which lead to their large-scale raise debt capital for domestic investment more concentrated, and the impact is larger by nature.
I saw recently Zhejiang folk capital began to gradually withdraw from these funds, and began to turn to faster service. It is the same with the economic transformation direction. This also objectively to resources mineral resources shuffle puts forward the requirements. In a word, I want to say is by analyzing macro economy and macro policy , we will grasp the whole industry. I think from this year`s situation, through the continuous economic agent after the bottom fall, it is estimated that in the fourth quarter economic will be mild rebound, but on the whole it is difficult to appear large-scale quickly apparent reversal of the signal.  (PPT) From GDP growth trend fluctuation diagram, we can see this round of growth is low in the first quarter, 2009. By the promotion of 4 trillion, they have risen sharply in the first quarter of 2010, to reach a peak, and then experienced mild but longer back. On the whole, from the trend and the macroscopic policy efforts , we will look for sustainable growth space in the next two years in the economic environment and new environment steady growth center of the process. It may be still around 8% growth, more emphasis is placed on keeping moderate growth and steady growth of the adjustment of economic structure. From the four quarters of data , there are a series of economic signal shows that present a stabilizing signal, from the industrial added value year-on-year growth, fixed assets investment growth, and infrastructure investment is growing at a steady rate. At the same time, real estate sales continuous improving, year-on-year drop continues to collect small, it also makes the real estate developers funds have obvious improvement. We also see that many market research institutions are in comparison, and the correlation of a lot of resource price with China`s real estate regulation degree is high, it is also notable factors. The real estate market regulation and the related resources price influence. Compared to the crisis in 2008and 2009, our theme is "to deal with hand in hand”. What we need to deal with is the 2008 financial crisis. China’s financial crisis policy is different from the one in 2008. It no longer sells massive stimulus policy which has a very important reason. If we use economic data contrast words, the gray histogram on the left reflects the situation in 2008 , and the right one is the present situation. Whether from the volume of car sales, power generation or export amount and quantity, this time we suffered less economic impact than in 2008. Now after 4 trillion gradually normalization, the volume of car sales and power generation experienced obvious drop. After rapid decline, it began to gradually stabilize. It provides a good environment to create the conditions. Macroscopic indicators will gradually become better off in the next quarters, but the micro profit can’t be improved. Or macro and micro cold pattern may last a few quarters, such as the fourth quarter. In the fourth quarter, it will return to 8% , but it is difficult to improve corporate earnings. We see there are a lot of enterprises facing financial crisis in this round of financial crisis just like in 2008 difficulties, because usually we think that 2008 is the big crisis, and this crisis is relatively small. The feelings of our enterprise have its reasons. We compared two indicators, one is the loss of the enterprise, and the other is the loss of the amount of the enterprise. we found that the number of whole enterprise losses in 2008 and at present are almost all high, and there is no apparent trend, but the amount of loss in peak is less than in 2008 . we estimate that the macro and micro data without apparent synchronous improve may continue for a period of time, the enterprise profit is decreasing, but will drop slightly better. The VAT tax, related to industry, enterprise production activities , have an obvious picks up from August to September. we still have to wait and see whether it will be sustainable. if after back to stabilize, it will be a signal for the real economy. Let’s look at the right side of the map (PPT), August is pink index, it is as low as 8.5%; In September, it rises to 10.4%, if we can stand at this level , industrial production index are highly related, and it may stand back. Compared with 2008, the policy is more gentle. We pay more attention to the structure adjustment, and are more aware of the scale of the stimulus. It is possible to bring the cost of the policy At the same time, compared with 2008, internal and external environment are not so serious, so this time economic strategy is not so important as market expectations. Here compare to the other indicators, such as manufacturing and non-manufacturing sectors TMI index, fixed assets investment and monthly growth rate, the total volume of retail sales fluctuations, they are better than in 2008. Real estate investment growth rate has been restored. So if comparing, the stimulus policy in 2008 is actually difficult to launch, this round of economic growth is gradually slow down, rather than the one at the end of 2008, including the global economy is greatly reduced, and at the same time, in no apparent relaxation policy situation, real estate sales rapid thaw, and house prices rebounded signs. Now look at the amount of real estate sales. Real estate sales area is basically back to the starting point of the period and two years ago, all of which makes the real estate market more alert, so we pay more attention in stimulus policy. Third, some industry are overcapacity, which also makes the decision maker launches a massive new stimulus policy more prudent. The China iron and steel association of business makes statistics of the iron and steel industry sales profit since this year. The profit of per ton is 1.68 Yuan, and this is also the pattern of overcapacity formation. The fourth is the pressure of inflation. In 2008 and 2009, the price was once a negative and stimulus policies don`t have to consider inflationary pressure. This round of CPI is just 6.5 from highs, with prices constantly return to 2%. We see the pork prices fall sharply, which is the main power of the two months CPI down. With pork prices gradually sole, pork prices and feed price comparison reversal. With early economic recovery, such as before and after the Spring Festival GDP growth back to 8%. At that time we worry about inflation and whether inflation will continue after tightening, therefore it also makes the policy more carefully. The fifth factor is the official statement with the policies of the small room for maneuver than in 2008. In 2008, whether local governments, businesses or financial institutions, their leverage ratio is in a low level. After 2008, 2009, the scale of the credit availability, especially the main body of 4 trillion start, push up the local government`s leverage ratio. In 2008 , we cannot say that there is no a 4 trillion. Development and reform commission (NDRC) issues large projects, such as subway, put together also have the 45 trillion three or four quarter this year, but reflected in fixed asset growth is very gentle. The reality is that the corresponding supporting fund raise very quickly, bank credit support, and land income also is higher in 2008. This time, project approval doesn’t necessarily have the ability to raise funds, and this is the formation of bottleneck and restriction. So this is what we see from the first three quarters of this year . In the economic rebound strength weak conditions, the content of the policy to relax and strength also have no significant change. Personally, such as in December, the central economic working conference, in the warm growth condition, it can properly have stable investment and positive fiscal policy to increase the use of national debt scale, and to promote the economy back to potential growth rate of around here, but won`t be like 2008, 2009 years of magnitude, but is more moderate speed. So we can make more time and energy out of the economic structure adjustment. If you want to have a description, is it V type, L or U? I generally considered economic down the left side of the U. This is what I want to discuss with you: One is the relevance of resource price trend and macroeconomic relevance, and the other one is economic situation and policy focus in the next two years. Thank you! （translated by TLRHVC） About CHINA MINING
 
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises. CHINA MINING Congress and Expo 2012 is held at Meijiang Convention and Exhibition Center in Tianjin on November 3rd-6th, 2012 (Expo is opened on 3rd pm Nov., 2012). We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.

Professor Roderick G. Eggert delivered a speech in the Theme Forum of CHINA MINING 2012

                                                                               (Photo from www.mlr.gov.cn. Photo:Ye Xingmao / Editor: Chen Hui)

The Theme Forum of CHINA MINING 2012 “Join hands to meet challenges and promote sustainable development” was held at Tianjin Meijiang Convention and Exhibition Center on the morning of Nov.4th, 2012.  The photo reveals that Roderick G. Eggert, Professor and Director of the Division of Economics and Business, Colorado School of Mines, gived the speech in CHINA MINING congress and expo 2012. Good morning, everyone. First of all, congratulations on CHINA MINING and thank you for the invitation of the organizers. On behalf of our university，I wish to give you my warmest congratulations. I am very happy and very honored to attend this congress, and very happy to share my experience, share my opinions about the development of the mining industry in the world, I`d like to introduce my view for the metal price trend. First of all, let’s look at the recent price trend. Before this, I would like to introduce some of the warning. The international monetary fund says the current world economic situation is even poorer than the imagination. Rio Tinto has also said that we need to be careful in the short term. From 1980 to 2012, annual metal price index changed a lot, especially from 2009 to 2012. In the past 30 years, if compared with the price in the long term, look at the metal price movements in a long time (PPT), we can see that in the past 100 years, metal price changes, especially in the recent decades prices began to increase. At the same time we also see that price rises in a high speed from 1970 to 2010. From 70 s and 80 s, and then to 90 years, change is more obvious, but all of these are not on behalf of the global economic situation, also cannot explain more things, until we must carry on the corresponding adjustment. At the same time, we can see, in the economic development process, the metal price for economic influence is very big. In the whole price change process, we need to bring the effect of inflation factor take off. From 1900 to 2011, if the inflation factor carries on the corresponding adjustment, you can see how does the real metal price change. （PPT）we can see from 1900 to 2011 the change of each year. The price is falling, not just like that one which means a rising.  In recent twenty years, change is different, the price is rising, it is from 2000 to 2010. Obviously, year after year fluctuations become very big, and from a long trend, you can see after 1971 it has significantly reduced, in addition to the past ten years. Some observers think this is super cycle. That means in the past thirty years or forty years, it has been more than the real price index. From50s to 70 s, there is a stage of development. From 2000 to 2010, there is also a developing period. What about the future trend? （PPT） We can see the current price index, we draw such a conclusion: first , from short to medium term, it is that needs promote the prices. From one year to five years is short-term, medium-term is ten years’ change, we can see the long-term is ten years or more, the price change is from supply driving factors, so that price trend is a long price trend. （PPT）We take a look at the price changes characteristic in  long-term, short-term. Basically the change of demand for mineral resources is very clear with the macroeconomic change. That is to say the economy is expanding, the economy is growing, and at the same time the metal demand is increasing. Of course we know that demand is actually in change every year, and changed a lot. We see that production capacity is fixed in the short term. If demand unexpectedly grows, because production capacity is fixed, the price will rise. In the past ten years, change is just like this. Needs promote the rise of the metal prices. In the short term, it must be so, because the market is to adjust, the price is sure to rise. Let’s look at a slide (PPT), this is the basic explanation, we still have more explanation, that is to say, the level of economic activity and the economic structure, the two aspects are very important, usually in the strong economic growth, at the same time, it promotes the global GDP growth. Now let’s look at this slide (PPT), from 1970 to 2011 , from 2012 to 2013 forecast growth, the two super cycle to price is very high, especially in the past ten years, or in the last five years , price grows quickly. Under the growth of sustainable stable growth, when will be a sustainable stable growth? In the mid 80 s, it is relatively stable growth. After that, it is a big change. Especially in the past four years, change is very big, the global average is more than 4%, we see there are many times that four consecutive years of global economic growth will be more than above average. What about the future? Every two years we have a economic outlook. From the left side of the chart right look, we can predict global growth of 2.3% in 2012. In 2013, it will be 3.6% growth. We need to explain that there are some risks; these downside risks are more dangerous than ascending risk. The lower growth, GDP growth will be up lower, ascending risk is higher. In the United States, government spending can be reduced under the United States government fiscal policy. By the end of the year, congress will issue a more reasonable resolution, so American GDP expectations will be more low. Second, downside risks I also read in the papers, with the government of relevant down, so that the outlook for economic outlook changes.
The third downside risk is the debt crisis, this is the third downside risks. So from the aspect of macroeconomic, there are many uncertainties, this is a situation for the one or two years. In addition to economic activity level, economic activity structure is also very important. Because the spending of the economic activities for metal market is very important. We see investment spending relatively focus on metal rather than consumption. What is the meaning? They will put the money into the metal which has a longer life cycle , such as building materials. Compared to the fan or refrigerator, we are more willing to put into the metal. Assume that the global physical growth is 3% - 4%, we think that the growth of investment will have higher growth, higher than 3% - 4%. And in metal investment spending, it has a higher volatility relative to the overall economic development. Because the demand for purchasing precious metal products, such as building, automobile is relatively high. （PPT）We`ll look at the expenditure structure. From this map you see the percentage the investment accounts for the GDP. From the situation in 1980, 1990 and 2010, we can see the status of China`s economic investment spending from 1/3 to 1/2 each are not identical, mainly because of the development of infrastructure, manufacturing, export, domestic demand of commodity production. Globally, investment accounts for of global GDP percentage is a quarter, so you can see China is 1/3 to 1/2, and global is a quarter, this is also because of the situation of Chinese mining situation decision. this factor leads to China`s steel consumption and metal consumption. we can see that the steel, iron, aluminum, copper, nickel, zinc, 80 s China only accounts for 6% of the iron and steel. but in 2000, China accounts for 16% of the world, reaching 47% in 2010, we think in the future it will continue to improve. Now the world is changing, China plays an important role. This is my first argument which is that need leads to the middle-term and short-term price change. Now copper price is relatively high, and it also makes the supplier rupture, and investors` behavior also affects the medium to short-term price. So if you want to know the metal market commodity prices, we must first understand the short-term to middle price changes. The second argument is the cost and supply will drive long term price. Here I explain a bit more simple, and I want to get out of this map to explain (PPT). The price will eventually return to marginal cost. The vertical axis is the copper price per unit cost, green is on behalf of the cost. We can see the difference between 75% - 90%. Relatively it can explain some situation. We look at the marginal cost. In a certain period of time , actually we make all manufacturers get a profit, which encourages a lot of copper producers to modify so that price is back to the marginal cost range. So if everyone wants to consider and understand the long-term metal price performance, we need to know and need to consider the cost of production in this period. After the high grade and high quality copper exhausts, people have to consider low grade, low quality of copper deposits, so it has relatively higher costs because of technological innovation. My third argument is that the price can remain high in the trend for a long time. Sometimes the price is beyond trend. Sometimes the demand increases, we will have more investment, because the price is higher. But investment in the whole cycle has a time lag, or the time difference. For investors, we are conscious about the demand changes after a period of time, especially in the investment and financing in the new capacity expansion. At the same time, receiving government approval also needs time. Demand will be relatively rapid change, but the production capacity and supply are relatively lagging. Change is slow, and it also need time. Sometimes the time will be ten years of time, so that the real manufacturer can adjust to change. If the production capacity increases, excessive supply makes  the market demand increasing. Because we do not know the future market changes, it will make the price drop, as in the 80 s and 90 s we see the copper price is in low condition. And the concept, which price trend change , is called super cycle. we may cannot see chart data (PPT), I want to stress that recent studies show that they are using the data analysis, and the super cycle was analyzed. From this map (PPT), we can see from the bottom to the bottom of the valley bottom cycle, the peak to valley floor, 1865 to 1916 which appeared the peak. 1921 is the second interval, and the peak is in 1929, and from 1999 to now continues on, 2007 is the peak. We don’t know what about the future. According to the two research institutes analysis found that the result is also similar with the picture of the results . The fourth argument is that each market is different, and each metal market price is different. Just mentioned in the first three arguments, we will be easy to understand metal price in a period of time. If you can understand the three opinions, and it will be easy to understand the change of metal prices. You see this picture (PPT) is the price theory development theory. the black line, from the beginning of one hundred, is the first quarter of 2000. The black line from left to right is also the price index. At the beginning, we have looked at the price index and, later, we have different colors of the curve representing different metal prices. From 2000 to 2012, we see here not a single metal market and price index trend change exactly the same. We have three metal whose price index is higher. The most surprising curve and the most unusual market is iron ore market, including copper, zinc price index are higher than average price. Another price index interval, including nickel, zinc, aluminum prices are much lower. Aluminum did not enter the specific period, and it is basically balanced period. Why is iron ore so special? In addition to the great demand for iron, there is also great demand for steel. In addition to this, what element do they have? Perhaps it is the increasing demand which makes production growing, but don`t forget the time difference. The generator, electric system and other electronic products need copper. Because of this, copper have relatively high growth. Demand grows make supply hysteresis. Capacity needs to constantly grow in order to catch up with the growth of the supply. Aluminum is a very interesting metal market, because the growth of aluminum in the six metal is the highest, especially in the past 12 years. It grows fast than other metals, but the price is relatively lowest. Why does it have such a contrast? To some extent, supply cost of zinc is higher than the current aluminum manufacturing cost. In other words, if you predict the demand, it costs more than the highest cost, and this is why prices will be so smooth, even if the market for aluminum demand is so high. So the characteristics of every metal market are not the same. (PPT) you can see various metal price correlation and price index in the long term. We have just see the line between the difference of price index. The red curve is the price index, and the black curve is copper, (PPT) you can see aluminum, compared with one hundred years ago ,is much higher than the price index. We all  think aluminum is precious metal, and we don’t think so until we find the process making alumina into metal later. We think it is not considered precious metal. Now the price is more smooth . Now let’s conclude. Needs determine short-term and medium-term price. From the point of long-term price, cost drive factors, cost leads to long-term price fluctuations. So now take a look at the future cost change, including some existing mineral deposits, the known mineral production cost, and future changes of mineral deposits and so on. In addition to technology innovation cause cost, all of these factors need to be comprehensively considered, so we can understand the long-term price changes. So the first three point is very important, but we need to know more about the first four point, otherwise it is not complete. The fourth point is that every metal market is not the same. We also talked about the gold, whose demand and supply is something entirely different. We are not talking about small metal markets, including rare earth, tungsten and GDP growth and macro economy. so this is another situation. Does this have the super cycle termination? I don`t like this concept, it is super cycle, but I hope you understand my four arguments. Super cycle and degree of each metal is different, we see two to three years ago, the emergence of a bubble is mainly because of supply, and then bubble burst, and then slowly catches up with the supply. In the metal market, prices return to marginal cost. This phenomenon is also not strange, because in the past ten years, the price has been higher than the marginal cost. I think in a certain future period, the price will return to marginal cost, but we also cannot determine the specific time and specific price. Thank you!
     
（translated by TLRHVC） About CHINA MINING
 
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises. CHINA MINING Congress and Expo 2012 is held at Meijiang Convention and Exhibition Center in Tianjin on November 3rd-6th, 2012 (Expo is opened on 3rd pm Nov., 2012). We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.

Mr. Cui Jindu, Standing Vice Mayor of Tianjin, delivered a speech in the Theme Forum of CHINA MINING 2012

                                                                               (Photo from www.mlr.gov.cn. Photo:Ye Xingmao / Editor: Chen Hui)

The Theme Forum of CHINA MINING 2012 “Join hands to meet challenges and promote sustainable development” was held at Tianjin Meijiang Convention and Exhibition Center on the morning of Nov.4th, 2012. The picture reveals that Cui Jindu ,Tianjin municipal government standing vice mayor, delivered a speech in CHINA MINING 2012 . He introduced Tianjin international mining financial comprehensive innovation demonstration base construction points. Ladies and Gentlemen, I’m very glad we get together in Tianjin and discuss the mining industry and economic development. On behalf of China Ministry of Land and Resources and the Tianjin Municipal Government, I will introduce the related situation of development of Tianjin mining science and technology demonstration base of financial reform of the construction. In the past decade, The global economy and the mining economy has had the profound change. From 2002 to 2011, global GDP increases from $33 trillion to $69 trillion. By the motivation of the emerging economies, the global mining industry entered the flourishing period since 2003. After the outbreak of international financial crisis in 2008, the mining economic development was in shock. After that, the economic development continues on. However, because of the European debt crisis, global economic growth is slowing again, and the mining economy has entered a low speed growth. In this period, the developed countries and the main mineral resources of the kingdom of mining capital markets continue to develop, and has become the economic foundation of supporting mining economic development. The past decade, China`s economy and the mining economy got rapid progress, the industrialization, urbanization and agricultural modernization steadily developed, and the demand on mineral resources increased quickly. From 2002 to 2011, GDP increased from $1.45 trillion to $7.32 trillion, the total volume of import and export of minerals from $34.3 billion to $468.5 billion, ten kinds of non-ferrous metal production increased from 10.21 million tons to 30.93 million tons, and the gross output value of the mining increased from 456.7 billion Yuan RMB to 3.0288 trillion Yuan. China`s economy and mining economic development needs to  build up suitable geological regularity and the mining market financial system according to the market rules, and to establish the mining exploration risk capital market and intermediary service system. The past ten years, Tianjin strives to build economic center of the northern area and has made remarkable achievements. From 2002 to 2011, GDP has increased from $26 billion, to $175.1 billion; Tianjin has become north China`s economic center, the international shipping center and international logistics center. Located in the center of Bohai sea area, Tianjin has the location advantages, a solid industrial foundation, wide inland area and tremendous growth potential. It has become an important window of China`s participation in the economic globalization and regional economic integration. Especially in 2006, the central government made a strategic decision on speeding up the Tianjin Binhai new area development and opening up the important strategic decision to approve the Tianjin Binhai new area for the national synthetically reform testing district. It requires Tianjin try first in the financial enterprise, financial business, financial markets and financial opening, and provides experience and demonstration for the national development and reform. Tianjin strives to develop mining finance and support mining financial financing, which has a strong condition of promoting mining and financial combination. The ministry of land and resources and the Tianjin municipal government attaches great importance to the mining financial reform and innovation. On October 26, 2012, they signed the “building Tianjin international mining industry demonstration base of financial reform memorandum” and jointly promote the Tianjin international mining financial reform demonstration base construction. It mainly has six aspects: 1. The construction of Tianjin international mining industry demonstration base of financial reform: under the guidance of Tianjin mining right exchange market platform, building up resources, assets and capital trinity mining risk exploration system mechanism, constructing financial service system conforming to the market rules and international mining geological rules , and carrying out mining resources management reform, establishing of supervision of effective international mining financial markets and promoting the economic sustainable development of mining industry. 2. Set up Tianjin mining capital market and explore geological exploration enterprise equity financing mode to promote mining risk exploration enterprise financing. Geological exploration enterprise can raise funds in Tianjin mining right exchange through the directional private way. Geological prospecting enterprises can transfer in Tianjin exchange. Establish a scientific and standardized mining capital market for geological exploration enterprise financing, support prospecting activities and promote the public information, secure investor rights and interests, open investment exit channel. 3. Support innovation reform, demonstration base of prospecting advance reform pilot in Tianjin, support Tianjin mineral right exchange transaction, make up demonstration base in mining enterprise assets of equity financing, fund, the trust financing and debt financing. 4. Promote the construction of internationalization, and establish the cooperation relations with industry organization from countries, promote China`s mining enterprises to carry out overseas mineral resources exploration and development,  attract foreign geological exploration and development enterprise in Tianjin, explore the innovation and offshore financial business, provide financial services for mining enterprise, support Tianjin arbitration center for mining enterprises to provide the service. 5. Speed up the construction of mining financial market service system. According to the demand of mining enterprise financing, corporate mergers and acquisitions, mining assets , attracting mining right appraisal institution, mining supervision institutions, mining consulting institutions, reserves evaluation institution, securities investment institutions, financial institutions, law firm, accounting firm, the credit rating agencies, arbitration institution, bank insurance agencies come into  Tianjin demonstration base to provide professional services for mining enterprises. 6. Make up international mining accumulation area. Tianjin financial reform demonstration base will try to learn the experience of the countries to provide services for the mining industry. It will spend five to ten years building up a financial institutions focus, market developed, information gathering, advanced facilities, service efficiency, management standard mining financial accumulation area in Tianjin Yujiabao financing area. It will become Tianjin international mining reform demonstration area, facing the whole country and global. Welcome the domestic and foreign relevant authorities to participate in the construction of demonstration base of Tianjin financial reform, strengthen communication and cooperation, and achieve win-win cooperation. Thank you! （translated by TLRHVC） About CHINA MINING
 
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises. CHINA MINING Congress and Expo 2012 is held at Meijiang Convention and Exhibition Center in Tianjin on November 3rd-6th, 2012 (Expo is opened on 3rd pm Nov., 2012). We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.

On-site scene of the theme forum “Joining hands to meet challenges and promote sustainable development” of CHINA MINING 2012
Source: www.mlr.gov.cn  Citation: www.mlr.gov.cn  Date: Nov.4, 2012

                                                                                                                                (Photo: Ye Xingmao / Editor: Xie Min)

The Theme Forum “Join hands to meet challenges and promote sustainable development” was held at Tianjin Meijiang Convention and Exhibition Center on the morning of Nov.4th, 2012. These are the photos of the on-site scene. （translated by TLRHVC） About CHINA MINING
 
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises. CHINA MINING Congress and Expo 2012 is held at Meijiang Convention and Exhibition Center in Tianjin on November 3rd-6th, 2012 (Expo is opened on 3rd pm Nov., 2012). We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.

The Pictures of the Opening Ceremony of the CHINA MINING 2012
Source: www.mlr.gov.cn  Citation: www.mlr.gov.cn  Date: Nov.4, 2012

                                                                                                               (Photo: Yu Hongqi. Zhao Xinjie / Editor: Xie Min)

On November 4, 2012, the Opening Ceremony of CHINA MINING 2012 was held in Tianjin. The picture shows the podium of the Opening Ceremony.
 
Distinguished guests seated in the General Assembly podium: Mr. Xu Shaoshi, Minister of Land and Resources, chairman of the organizing committee of the CHINA MINING 2012;   Mayor of Tianjin Municipal People`s Government, the chairman of the organizing committee of the CHINA MINING 2012;   H.E. Mr. Guy Saint-Jacques, Ambassador of Canada to the People’s Republic of China;   H.E. Ms. Frances Adamson, Ambassador of Australia to the People’s Republic of China,   H.E. Mr. Bheki W.J. Langa, Ambassador of the South African Embassy to the People’s Republic of China, Mr. Cui Jindu, Executive Vice Mayor of Tianjin Municipal People`s Government, Mr. Xu Deming, Vice Minister of Land and Resources of China, Vice Chairman of the Organizing Committee of CHINA MINING 2012, Mr. Li Ganjie, Vice Minister of Ministry of Environmental Protection, Mr. Wang Min, Vice Minister of Land and Resources of China, Executive Vice Chairman of the Organizing Committee of CHINA MINING 2012, Mr. Xiong Jianping, vice mayor of Tianjin Municipal People`s Government, the Executive Vice Chairman of the Organizing Committee of CHINA MINING 2012.

                                                                                                             (Photo: Yu Hongqi, Zhao Xinha /  Editor: Xie Min)

On November 4, 2012, the opening ceremony of CHINA MINING 2012 was held in Tianjin. The picture shows the podium of the opening ceremony.   The theme of the congress is "Join hands to meet challenge and promote sustainable development". The topics to discuss consist of the sustainable development of mining, the global situation in the mineral exploration and progress, mining and capital market, mine environment and green mining, mineral resources comprehensive utilization and etc. Government officials, experts and scholars from 55 countries and regions and a total of 6,000 representatives of the mining companies, financial institutions participated in the congress and expo, including more than 1,500 honored foreign guests. （translated by TLRHVC） About CHINA MINING
 
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises. CHINA MINING Congress and Expo 2012 is held at Meijiang Convention and Exhibition Center in Tianjin on November 3rd-6th, 2012 (Expo is opened on 3rd pm Nov., 2012). We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.

Vice Minister Xu Deming performed the Opening Ceremony of CHINA MINING 2012
Source: www.mlr.gov.cn  Citation: www.mlr.gov.cn  Date: Nov.4, 2012

                                                                                                             (Photo: Yu Hongqi, Zhao Xinhao / Editor: Xie Min)

On November 4, 2012, the Opening Ceremony of CHINA MINING 2012 was held in Tianjin. The Vice Minister of the Ministry of Land & Resources and the Vice Chairman of CHINA MINING Organizing Committee, Mr. Xu Deming performed the opening ceremony of CHINA MINING 2012. （translated by TLRHVC） About CHINA MINING Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises. CHINA MINING Congress and Expo 2012 is held at Meijiang Convention and Exhibition Center in Tianjin on November 3rd-6th, 2012 (Expo is opened on 3rd pm Nov., 2012). We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.