China plans to extend a tax on oil, gas and coal output to the entire nation, stepping up efforts to raise funds for development of poorer inland provinces in a move that will reduce earnings for resource producers.
Rio Tinto Group Chief Executive Officer Tom Albanese said “resource nationalism” may spread as governments around the world seek to boost their share of mining profits, potentially constraining supply.
Cotton plantings in some areas of China, the largest importer, have fallen as record prices failed to spur increased acreage, according to the top economic planning agency, which highlighted a problem in the biggest producing region. Futures reversed losses to gain 1 percent.
Investment in water conservation this winter and next spring among governments and private companies in China will increase by more than 15 percent to more than 336.4 billion yuan ($54 million), the China Securities Journal reported.