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China's Steel Industry urges Tighter Controls on Foreign Investment
Oct 13, 2006
The performance of the steel sector has always been pivotal to the success of the Chinese economy. The developments in the steel sector have widespread ramifications for the overall health of the rapidly growing Asian economic giant. This has fuelled the popular belief that foreigners should not be allowed to exercise control over this crucial sector.
China’s Steel Industry has been demonstrating a great appetite for stiff controls on most foreign investments. At the same time there are growing concerns from different corners that such protectionist approach may actually prove harmful to the prospects of the steel industry. The China Iron and Steel Association, vice chairman Luo Bingsheng states with conviction that foreign investors should not be readily allowed to buy stakes or shares in china’s domestic steel firms, particularly the larger ones.
A national policy for the steel industry was launched the previous year, which seeks to limit the ability of foreign investors to have controlling stakes in china’s steel manufacturing firms.
The policy mandates that “all foreign steel producers willing to make investments in the Chinese steel sector should necessarily have independent ownership of steel-making technologies”. In addition to that their annual output should be not less than 10 million tons.
These and other such restrictions have come into limelight against the backdrop of increased M&As (mergers and acquisitions) activities by foreign steel majors. They have been buying stakes in some of china’s largest steel firms and mills.
RNCOS’ recent report, “China Steel Industry Analysis (2006)”, asserts that the country’s present tax policy actually serves as an impediment to foreign investment. In China the amount of VAT applied ranges from 13% to 17% and is biased towards local Chinese enterprises.
The key highlights of this report are:
- The analysis of demand and supply in China Steel Regional Markets.
- The opportunities in china steel industry for manufactures.
- The China Steel Industry Structure.
- The Impact of China Steel Export/Import in the Global Context.
RNCOS’ recent report, “China Steel Industry Analysis (2006)” provides extensive research and objective analysis on China Steel Industry.
To purchase your copy: http://www.rncos.com/Report/IM067.htm
To purchase your copy: http://www.rncos.com/Report/IM067.htm
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