National mineral reserves to be set up to meet high demand

China is mulling over a national mineral resources reserve system to ensure economic security in the wake of rising global prices and blistering domestic demand, a senior government official said yesterday.

Wang Min, deputy minister of land and resources, said: "The main reason for setting up the reserve is to ensure stability and sustainability, and avoid economic upheavals due to mineral supply."

"We are considering granting certain exploitation rights for high-volume industrial minerals to a limited group of people so as to ensure long-term supply," he said.