Commodity price mechanism urged

Updated: 2011-11-08 10:51


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BEIJING - Vice Premier Li Keqiang on Monday urged the international community to promote the formation of long-term, stable and predictable commodity supply and demand relations and a reasonable price mechanism.

Li made the appeal while meeting with a group of ministers in charge of energy and resources from 18 countries, who are in Beijing to attend the annual China Mining Congress & Expo.

Facing drastic fluctuations of international commodity prices as well as shifts in market supply and demand, countries involved should enhance coordination to curb speculative speculation and ensure reasonable demands, Li said.

The vice premier proposed that the international community further enhance substantial cooperation in mining, processing, and technology to enhance the support capabilities of resources.

He also suggested countries provide a fair and non-discriminatory investment environment for each other, cherish and save non-renewable resources and jointly explore new energy and renewable energy.

The foreign ministers expressed their willingness to enhance cooperation with China in energy and resource sectors.

The 13th China Mining Congress & Expo, scheduled from Nov 6 to 8 in Tianjin municipality, attracted about 4,800 participants from over 50 countries and regions.