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Domestic resources 'yet to be tapped'
By Liu Weiling (China Daily)
Updated: 2005-07-04 05:35
WEIHAI, Shandong Province: China has only tapped a fraction of its natural
resources with vast reserves yet to be discovered, according to Zhang Hongtao,
deputy director of the China Geological Survey, an institute with the Ministry
of Land and Resources.
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| The nearly-constructed oil reserve is seen in this image taken
in Zhenhai, East China's Zhejiang Province, May 25, 2005.
[newsphoto] | Speaking at the East Asian
Investment Forum, held here over the weekend, Zhang said thorough geological
investigations have only been conducted over a small part of China's territory,
leaving huge potential for untapped deposits.
His comments were in line with the central government's decision to put
domestic exploration at the top on its long-term energy development strategy
along with energy conservation.
"Major findings are expected soon," he said. "We are very hopeful China will
overcome the energy bottleneck by tapping its own mineral resources."
In an interview with China Daily the deputy director added: "I believe China
is still a nation with plenty of options. We have reason to be confident of
finding new resources."
A key reason for Zhang's confidence is that two of the world's three major
mineral rich metallogenic belts span western China, while the country now has
technology to mine deeper into the earth's crust.
Zhou Dadi, director of the National Development and Reform Commission's
energy research institute, agreed with Zhang, adding that East Asian nations
should work together to create better energy co-operation and build an energy
security framework.
Major co-operation projects are likely to include the development of oil and
gas resources, pipeline construction, fund-raising for energy projects,
integrated energy policies and energy technology exchanges, he said at the same
forum.
However, energy is not the only field offering opportunities for East Asian
nations to work together. According to some of the almost 300 delegates at the
two-day forum, co-operation in areas such as investment, trade and finance are
equally promising.
"East Asia is on the brink of great changes, great development and great
prosperity," said Wu Jianmin, president of the China Foreign Affairs University,
one of the organizers of the forum.
"The region will be the engine for growth in the global economy in the coming
30 years," he said.
East Asia has already witnessed increased trade co-operation, inter-regional
trade accounted for over half the region's foreign trade in 2004.
Free trade area (FTA) negotiations between the Association of Southeast Asian
Nations (ASEAN) and China, Japan and the Republic of Korea are also in full
swing.
"Closer trade ties call for enhanced investment co-operation," Wu said,
adding that the region's huge foreign exchange reserves and high savings ratio
are good foundations for close investment co-operation.
For China, enhanced ties with its East Asian neighbours are also significant
because the region has become the country's biggest source of foreign direct
investment (FDI), Vice-Minister of Commerce Liao Xiaoqi said in a written speech
to the forum.
In the first five months of this year, China's FDI amounted to US$22.4
billion, of which nearly 30 per cent came from Japan, the Republic of Korea, and
the 10 countries in ASEAN. The region has also become a favoured destination of
Chinese investment.
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