Actively build a mining rights market system

Mining is the foundation of the national economy. How to improve and perfect the factor market construction that combines mining rights, mining capital, and mining services with the mining rights market as the carrier will give full play to the basic guarantee role of mining to the national economy, ensure the development of security, make rational use of resources, and protect the environment. This article of sustainable development and the construction of a harmonious society is of great significance.

In recent years, the mining rights trading market has steadily advanced. Under the background of the current establishment of the socialist market system, the pace of construction of the tangible market for mining rights in China lags behind the construction of other market systems. China's stock market has had 20 years of history and experience, and the state-owned property rights trading market has already had more than 10 years of history and experience. However, the concept of a tangible market for mining rights in the true sense was not formally proposed until 2010. Although the “Mineral Resources Law” revised in 1996 clarifies the ownership of mineral resources in the country and has centralized centralized classification and classification management, each locality has started to set up a mining right transfer transaction hall, but its main function is to provide resources for the transfer of mining rights in the areas where resources are located. The basic role of the auction service, through the market's optimal allocation of mining rights resources, has not been fully realized. The development of the mining rights between the primary and secondary markets has been unbalanced, and the secondary market (transfer market) has basically been in an unordered state.

In September 2010, prior to the release of the "Notice on Establishing and Perfecting the Tangible Market for Mining Rights" by the Ministry of Land and Resources, half of the provinces (autonomous regions and municipalities directly under the Central Government) in the country did not establish a special mining rights trading organization. Most of the institutions that have already been set up were instituted by public institutions. Most rely on land trading agencies, mining rights trading personnel and market service capabilities are limited. According to the requirements of the Ministry of Land and Resources, as of April 1 this year, provincial-level mining rights trading organizations have been basically established throughout the country, but no regional or national mining rights trading organizations have been formed across provinces (regions). At present, there are still some disagreements and disputes over the function of these mining rights trading organizations. The development of mining capital markets, the improvement of intermediary service systems, and the regulation of mining rights information disclosure still need to be further unified and improved.

Promoting the establishment of a “three-tiered, mutually-restricted” mining right market system Through the study of the state-owned equity market and the capital market operating systems such as securities and securities, we believe that the tangible market of mining rights trading should truly regulate the mining rights market and realize The role of resource-based state-owned assets in preserving and adding value requires the implementation of a three-tiered, separate, and mutually-restrictive trading system of “regulatory, operational, and brokerage”.

The mining rights trading process involves multiple administrative authorities. Common supervision helps to promote the tangible market to be more efficient and more standardized. The supervisory level shall be mainly undertaken by the competent department of land and resources administration, and shall be jointly supervised by the departments of industry and commerce, taxation, finance, supervision, and the National Development and Reform Commission.

The operating layer is mainly responsible for the mining rights trading organizations. Mining rights trading organizations should be allowed to operate in a variety of ways, either institutional or corporate. But the premise is that these institutions must be appointed or approved by the administrative department of land and resources, and they must be standardized. The operation of mining rights trading institutions can learn from the practices of other trading markets such as securities, securities, and property rights, and ensure the relative independence of the trading mechanism itself.

When the transferor and the transferee make a public transaction in the mining rights trading institution, a brokerage tier should be established, and the mining right brokering agency should carry out the project operations. Mining rights trading organizations mainly examine the validity, completeness and compliance of various transaction documents provided by the brokers. The complete mining rights market must have a good team of mining rights brokers. The land and resources administrative department can gradually establish a mechanism for training, examination and qualification review of mining rights brokerage institutions, and gradually improve the mining rights broker system.

During the process of exploring the construction of a tangible market for mining rights, the Beijing International Mining Rights Exchange adhered to the spirit of the Central Discipline Inspection Commission and the Ministry of Supervision on establishing and improving the relevant documents for the prevention and control system, and fully used the advanced experience in the construction of the state-owned property rights trading market to follow the national territory. The Ministry of Resources has established requirements for a nationwide mining rights market system, continuously improved the mining rights trading system, standardized trading procedures, strengthened supervision measures, and ensured the transparent and orderly circulation of mining rights trading. At present, the membership service and management system has been established with broker members, service members and integrated members as the core. The Northern Mining Institute will actively explore the establishment and improvement of the “three-tiered, mutually-constrained” mining rights market system by exploring institutional innovations, product innovations, service innovations, and technological innovations in the mining rights market. This is the National Mining Rights Market System of the Ministry of Land and Resources. Construction makes a useful exploration.