Chinanews, Taiyuan, Mar. 9 – From now on, Shanxi local government will strictly supervise new cooperative projects in local coal mine industry. Companies outside Shanxi, including overseas companies, are not allowed to set up their own companies without cooperating with a local coal mine company, according to information released from the Shanxi Provincial State Assets Supervision and Administration Commission.

 

Considering companies’ future development and economic growth mode in Shanxi, local government tends to reduce the proportion of cooperative projects in coal mine industry. In future, companies outside Shanxi will not be allowed to take controlling shares or a large part of shares when investing in Shanxi coal mine industry. This will be especially true when private-funded companies intend to make investment in some large coal mines in Shanxi, said an official from the Shanxi Provincial State Assets Supervision and Administration Commission.

 

As investors outside Shanxi Province, including foreign investors, are not allowed to set up their own companies without cooperating with a local company, if they want to make investment in Shanxi, they will have to make investment in some other fields. Otherwise, local industry would suffer a great economic loss, he said. He reminded local coal mine companies to pay attention to this issue when cooperating with companies outside Shanxi.