According to reports, China has made progress in the discovery of 5.01 billion tonne of oil reserves and other natural resources between 2008 and 2011. Besides, 2.6 trillion cubic meters of natural gas and 279.8 billion tonne of coal have been discovered, said the China government report on land administration and mining resources.
Chinese Minister of Land and Resources Xu Shaoshi said that the country has formed a geological exploration system that values both public and commercial interests and encourages investment from multiple social sources.
During the four years, some 370.8 billion yuan (USD 60 billion) has been spent on mining resource exploration, up 110 per cent year-on-year. Among the total, Central and local government funds took up only 15.3 per cent, while the rest came from social investment, Xu said.
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