BEIJING, Oct. 29-- China reiterated on Friday that it will reform its pricing for natural resource products, including refined oil, natural gas, land, electricity, coal and water. The move aims at better domestic market control and the natural resource protection.

  According to the National Development and Reform Commission, the current oil pricing mechanism fails to reflect the fluctuations of the international market. The domestic prices are much lower than that of the international market. In addition, since the domestic price is influenced by the international market, it can not correctly reflect the domestic market condition. And the rising oil price has put a large pressure onto the agriculture and transportation sectors.

Official of National Development and Reform Commission Zhao Xiaoping said,"The reform should improve the oil pricing system. It should set up a system to adjust profits among oil enterprises, to link prices between related industries, and to help provide government subsidy to certain sectors."

In terms of mining industries, the administration said the usage of mining resource should be properly charged. So far, most of mining enterprises are state-owned and they pay nothing for mining. The free usage of the resources ends up in a slow price reflection for market condition, as well as an abuse to the natural resources.

(Source: cctv.com)