Foreign firms to see broader market access

A1 As the world's second-biggest economy and the largest merchandise trader, China now plays a crucial role in global economic development.

Since we started our engagement with China, we have made great inroads in the space of sales and project cooperation. China accounts for 20 to 25 percent of ERG's total sales volume, which consists of ferroalloys, cobalt, copper and iron ore. With the guidance of China's opening-up strategies including the Belt and Road Initiative, ERG's collaboration with China takes many forms, including EPC (engineering, procurement and construction), financing, off-take agreements, and equity partnerships.

A2 China represents a longstanding, key market for ERG, both in terms of mineral products sales and project cooperation. We are positive about the future of our business in China because of the country's strong rate of development growth, its stable economic environment and, most important of all, the significant opportunities it continues to provide.

Since China has shifted its focus to high-quality growth, a large number of technologically advanced enterprises have entered the market. ERG is one of the largest suppliers of ferrochrome and cobalt to China, which are materials of the future that are key to China's transition to a more consumer-driven economy and the transformation of its growth pattern.

A3 The law emphasizes the promotion, protection and management of foreign investment. It will lead to a more attractive business environment for foreign companies through its measures around the protection of intellectual property. It will also lessen the burden on business to report information, enhance the conditions necessary for fair competition and broaden market access. The open and fair business environment China has established brings a range of benefits for us. China's prudent opening-up strategies, its rapidly developing economy, as well as the respect placed on foreign companies facilitating business in China yield more opportunities for cooperation with Chinese businesses.

A4 To promote China's transition, Chinese companies need to upgrade the value chain. As the core of the real economy, the manufacturing industry needs to shift its focus from quantity to quality in order to raise its competitiveness.

The improvement of the value chain can be furthered through the technological advancement of products as well as the supply chain through innovation and the use of big data.

A5 In recent years, the Chinese government has implemented numerous, effective measures to reduce red tape both in terms of people's daily lives as well as industrial and commercial activities. We are encouraged by such efforts, the result of which is a reduction in unnecessary processes that enables us to conduct our business in China more efficiently.