At a recent high-level forum on "Safety Development," Li Yizhong, head of the State Administration of Work Safety, emphasized that China is accelerating reforms in the taxation of mineral resources. The goal is to incorporate factors such as resource reserves, recovery rates, and environmental impact into tax calculations, aiming to improve resource efficiency and promote sustainable development.
Li Yizhong pointed out that many countries around the world have implemented higher resource taxes for non-renewable materials, linking tax rates to recoverable reserves, resource value, recovery efficiency, and mining risks. This approach raises the barriers for new entrants in the mining sector. In contrast, China's current mineral resource tax rate is considered too low, which not only harms national interests but also leads to uncontrolled exploitation, resource waste, and safety issues.
The government is now closely monitoring the reform of mineral resource taxation, viewing it as a key strategy for long-term resource management. By linking resource use to reserves and recovery rates, the aim is to ensure a more equitable and sustainable system.
In addition, China is exploring the establishment of a coal sustainability fund. A portion of coal production costs will be allocated to this fund, enabling the government to address challenges that individual companies cannot manage alone. It also includes funds for environmental restoration and mine conversion, which are used by enterprises for specific purposes. This ensures that coal production includes costs related to resources, safety, environmental protection, and production transition, helping to rationalize expenses and limit profits from small-scale coal mines.
It has been reported that the State Council recently approved Shanxi Province to pilot these reforms aimed at promoting sustainable development in the coal industry. The experience gained from this trial will be crucial for future nationwide implementation.
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