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JINAN Cheap David Andrews Jersey , May 19 (Xinhua) -- China will close its only offshore coal mine, which has been in operation for more than 30 years, in October, as the government toughens its efforts to phase out excess production capacity.
The Beizao Coal Mine, owned by the Shandong Energy Longkou Mining Group in eastern Shandong Province, is located about five kilometers from the coast of Longkou City. Its mine shaft reaches 350 meters underwater.
Li Gongjian Cheap Chris Hogan Jersey , the mine's manager, on Friday confirmed the closure, adding that it is part of a national move to phase out sub-standard production capacity. Sea mining is not efficient as it has a cost three times higher than mining on land.
He said the sea mine, which covers an area of 18 square km, has produced up to 8 million tonnes of raw coal.
The sea mine, with proven reserves of 1.29 billion tonnes of coal Cheap Shaq Mason Jersey , made China the fifth country to boast offshore exploitation technology.
Li said the mine opened at a time when the country was energy thirsty, and the group's coal deposits on land were not sufficient to cope with growing market demand.
The mine shaft was not easy to reach. Miners had to take an elevator down 180 meters and a 20-minute tramcar ride to reach the mine face.
The mine's closure will force 1,580 workers to become laid-off. The company has offered them other positions.
Li said that although the mine will be closed, the company will keep and document the offshore mining technology and experience, as sea mining requires sophisticated safety systems, such as technology to prevent flooding.
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BEIJING Cheap Kyle Van Noy Jersey , Jan. 1 (Xinhua) -- China started collecting an environment tax on Monday to better protect the environment and cut pollutant discharge, as the country's Environmental Protection Tax Law took effect on Jan. 1, 2018.
The introduction of the tax called an end to the ""pollutant discharge fee"" which China had been collecting for nearly 40 years.
This is China's first tax clearly designed for environmental protection, which will help establish a ""green"" financial and taxation system and promote pollution control and treatment of pollutants, said Wang Jinnan, head of the Chinese Academy For Environmental Planning under the Ministry of Environmental Protection.
China had collected a ""pollutant discharge fee"" since 1979. However Cheap Martellus Bennett Jersey , some local governments exploited loopholes and exempted enterprises that were otherwise big contributors to fiscal revenue. For years, regulators had suggested replacing the fee system with a law.
Under the Environmental Protection Tax Law, which targets enterprises and public institutions that discharge listed pollutants directly into the environment, companies will pay taxes for producing noise, air and water pollutants as well as solid waste.
On tax rates, the central authorities will set upper limits and allow local governments to determine the rates on their own.
Individuals do not need to pay the tax as it is applicable only to enterprises Cheap Elandon Roberts Jersey , public institutions and other business operators.
The central government will allot revenue from the environmental protection tax to local governments to motivate participation in the fight against pollution.
Up to 50 billion yuan (about 7.68 billion U.S. dollars) could be collected annually from the new tax, according to estimates from analysts.
Tackling pollution has been listed as one of the ""three tough battles"" that China aims to win in the next three years, according to the Central Economic Work Conference in December.
From January to November, China investigated over 35,600 violations of environmental protection laws and regulations, up more than 102 percent year on year.
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BEIJING Cheap Adam Butler Jersey , Jan. 6 (Xinhua) -- China established an open financial cooperation platform Friday to help revitalize the country's rust belt.
More than 40 financial institutions are involved in the platform, including the China Development Bank and the State Development and Investment Corp. It aims to bridge government agencies, financial institutions and local governments and enterprises in northeast China to help boost the traditional industrial zone.
The rust belt's economy is stabilizing and is ready for investment, said Lin Nianxiu, deputy head with the National Development and Reform Commission (NDRC), adding that the platform should help prevent financial risks and facilitate economic transition.
The region's Heilongjiang Cheap Mike Gillislee Jersey , Jilin and Liaoning provinces expanded 6.3 percent, 5.7 percent and 2.5 percent, respectively, in the first three quarters of last year, posting signs of economic recovery.
The platform is open to all financial institutions, according to Zhou Jianping Cheap Rex Burkhead Jersey , a senior NDRC official who oversees the revitalization of traditional industrial bases.
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