CHINA Trends and Developments Contributed by: Guisheng Yang, Qi Zhu, Yonghui Wang and Ranran Shi, Beijing Dacheng Law Offices
laws and regulations on mining, environmental protection, safety, taxation and labour. • Establish clear internal approval procedures and accountability systems to ensure that each link has rules to follow and evidence to check. • Conduct regular compliance audits and risk inves- tigations to proactively identify and fix loopholes, rather than remediate after administrative penalties are imposed. Conclusion: Embracing China’s Mining Industry in the New Era Against the background of the implementation of the New Mineral Resources Law, China’s mining indus- try is ushering in a new transformation featuring the rule of law, marketisation and internationalisation. This marks a comprehensive upgrade of the rule of law governing China’s mining sector. China’s min- ing industry will build a more stable, transparent and diversified market environment through institutional innovations. These include: • stronger protection of mineral rights; • development of green mines; • digital transformation; • greater transparency in transactions; and • introduction of foreign capital.
The New Mineral Resources Law clarifies the legitimate rights and interests of mineral rights holders. It also strengthens the market’s leading role and encourages exploration and development of mineral resources. In doing so, it creates favourable conditions and broad market prospects for introduction of foreign capital and technology. With their advanced technology and management experience, foreign-invested enterprises are expected to play an important role in the fields of mineral resources exploration and development, and green mine construction, promoting the high-quality development of China’s mining industry. The present is the best time for foreign investors to re-examine the potential of China’s mining market and seek co-operation opportunities. With the implemen- tation of the supporting laws, regulations and poli- cies of the New Mineral Resources Law, the business environment for the mining industry will be further optimised, and China’s mining industry will embrace global investors with a more open attitude.
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