随着中国进一步融入世界经济和海外投资的潮流中，其中一个潜在的好处就是，如果中国同意外商投资参与矿业行业，会对中国的企业和经济带来意想不到的效益。而且，如果外商投资能够得到批准，对中国内地的资源行业来说意味着巨大的收益。此外，中国国内资源行业有着巨大的潜在效益，如果允许国外矿业工资参与到资源开发项目中，与国内的国企和私企同样可以创造效益。伴随中国全球一体化的进程，坚定的对外开放的政策对资源行业领域的投资…

In terms of China’s integration into the world, a firm commitment to an open door policy towards investment in the resource sector would provide comfort to the government agencies that are reviewing Chinese equity investment applications for projects within their own jurisdictions.. It is important for these agencies to demonstrate to their political leaders and the public that China is committed to the spirit of reciprocity. This is important to China’s own resource investment strategy off-shore; but also creates the best environment for China’s sovereign funds and also leading SOE’s under SASAC to make direct and indirect investments abroad.

There is a critical commitment to continue to defend the principle of national treatment as prescribed under the WTO. What is dynamic and impressive about the development of mineral projects within China today is that there are state agencies, state owned companies, private sector companies and also publicly traded companies in Shanghai, Shenzhen and Hong Kong that are actively involved in exploration and development of new mineral deposits. According to statistics released during China Mining 2007 by MOLAR, there are also 300-600 foreign funded exploration projects in China. Therefore it is not difficult or unreasonable to suggest that all these sources of capital should be treated equally under the principle and spirit of national treatment; this will also create confidence in the Chinese private sector that there investment rights in new mineral exploration and development are protected. Prior to the current economic downturn, there had been a surge of protectionism worldwide in the resource sector.

It is important, now that prices are far off peak levels, to return to the original rationale and repeat the goals that led to the liberalization of foreign investment in the mineral sector in China. These goals include new sources of high risk capital, increased access to technology and open-mindedness towards exploration, introduction of new mine design and metallurgical processing technologies, introduction of the Equator principles regarding the environment and international practices on labor safety, tailings design and reclamation - simply defined as “sustainable mining”. Finally, there is the goal of increasing recovery rates on deposits, and also an improvement in return on mining and exploration capital.

Most foreign companies in the minerals sector are publicly traded or listed companies regulated by securities legislation in developed countries. Their management are required by law to present financial reports quarterly, to present geological and metallurgical information according to legally recognized scientific principles, to adhere to the labor safety and environmental standards of their own jurisdiction as well as China’s, and to support the anti-corruption goals of China’s government through strict adherence to OECD guidelines and the respective laws of their country of origin. If they are to obtain project financing for the development of a mining project, they must also meet Equator Principle guidelines as defined by the IFC.

These companies can set examples for Chinese companies that will lead to better corporate governance and the adherence to international standards. The most important benefit to China’s economy of a diversified resource market with respect to the identification and development of new mines is access to zinc, copper, iron and precious metals. There are those who argue that resources fall under the category of “national resource security” and should not be developed by foreign firms. This is a simplistic and flawed argument; in almost all cases, due to economic factors, export controls, and the legal requirement to sell metals to the Shanghai Metals Exchange or the Shanghai Gold Exchange, the resources stay within China unless the government wishes to export them. The tax rates for foreign companies and domestic companies are now the same. Therefore the only downside to China of foreign ownership of a few successful projects is the potential repatriation of profits from an industry that has a very high degree of risk.

For a number of years, Chinese authorities have publicly supported allowing foreign operators to invest in China’s resource sector, but in practice, foreign firms rarely have the same access or benefits to the market that Chinese firms do. In recent weeks some foreign companies have discontinued exploration activities in China for that very reason. Ironically, at the same time, there have been hundreds of applications submitted by Chinese firms to invest in the Australian resources sector. Those companies have been able to make those applications because of one of the fundamental principles of free trade, which national treatment. This principle has created many opportunities and benefits for Chinese firms whom have invested abroad since 1979. Yet to continue to scientifically develop the potential of its resources, China must attract investment in exploration, equipment and services, which will introduce new management and resource technologies, benefiting the entire industry, as well as the people of China.

Without national treatment being extended to foreign resource firms who wish to operate in China as well, there are potential negative implications for China’s offshore resource investment strategies. Therefore, given the current financial crisis, this is an opportune moment to shift away from protectionist sentiments. Instead, China should consider the overall benefits to its people and industrial development and continue to attract foreign investment in exploration and mineral development, China should permit any properly qualified, foreign-invested mines to be permitted, developed and operated. Should China now shut the door to foreign investment in the mining industry it will create untold losses for the mineral sector and China’s economy as a whole.<-->