The China Daily has reported China's homegrown Beidou Navigation Satellite System began providing initial positioning, navigation and timing operational services to China and its surrounding areas from 27th December.
Beidou is being developed to rival the
United States-developed Global Positioning System (GPS), the European Union's Galileo and Russia's
Global Navigation Satellite System, and is aimed at allowing travelers,
drivers and military officials to accurately know their locations.
The system will provide service with high
precision and credibility for industries and sectors including mapping,
fishery, transportation, meteorology and telecommunications.
To date, China has launched 10 satellites for the Beidou system, with the tenth being lifted into orbit earlier in December. Ran Chengqi, director of the management office of the China Satellite Navigation System, told a press conference 6 more satellites will be launched in 2012 to further improve the Beidou system and expand its service coverage across most parts of the Asia-Pacific region.
China began building the Beidou system in 2000 with a goal to break its dependence on the US GPS and so creating its own global positioning system by 2020.
The Beidou system is compatible and interoperable with the world's other major global navigation satellite systems, according to Ran. He also encouraged enterprises at home and abroad to join the research and development of application terminals compatible with Beidou, saying a beta version of the system's Interface Control Document (ICD) could be accessed online starting 27th December.
The onset of Beidou's operations expands China's reach beyond its borders and has profound implications in sectors like maritime trade and military development across the Asia Pacific space.
Showing posts with label australia; mining; china. Show all posts
Showing posts with label australia; mining; china. Show all posts
Tuesday, 27 December 2011
Wednesday, 5 May 2010
Australia's new 40% mining super profits tax...the "Greater China tariff "
On Tuesday, the Australian government levied a 40% Resource Super Profits Tax on its mining industry to take effect from July 2012. The company tax rate would be cut from 30 percent to 29 percent in July 2013 and to 28 percent a year later.
In one stroke, the cost of doing business shot up overnight. The Australian mining sector accounted for $94 billion in exports during 2009, 38% of the total.
Multinationals like Rio Tinto and BHP Billiton were left scrambling in their wake as Australia is a vital cog in their global mining operations. Resource mining is a capital intensive industry and long term planning is essential, sometimes with payback taking many years.
Perversely, is this otherwise a Great China Tariff, a tax to soak the Chinese? The resource sector comprises 9% of Australia's economy. Australia exports 80% of its resources. Who is the biggest buyer of those resources? China. The Chinese bought US$42.4 billion of resources from Australia in 2009.
China is scouring the world for oil, natural gas, copper, coal, and iron ore supplies. It has a desperate need for the raw materials ... and lots of money to toss around in order to get it. Plus…China doesn't just buy products from Australia, it buys mining companies too (US$$20 billion worth in the last 18 months or so).
The proposed Australian super-profit tax reinforces the lesson China learned in 2005 and 2006: the resources aren't yours unless they are in your house. Instead of sending more money on taxes to foreign governments, China will spend that money in its domestic mining and energy infrastructure. Right now, China has no choice but to "pay up" for Australian resources. It has to have them to continue building. But stories like this are huge drivers for China's domestic exploration programs...
China can't replace Australian supplies of iron ore, tin, and oil with domestic deposits tomorrow... but the country does have some excellent prospects.
In one stroke, the cost of doing business shot up overnight. The Australian mining sector accounted for $94 billion in exports during 2009, 38% of the total.
Multinationals like Rio Tinto and BHP Billiton were left scrambling in their wake as Australia is a vital cog in their global mining operations. Resource mining is a capital intensive industry and long term planning is essential, sometimes with payback taking many years.
Perversely, is this otherwise a Great China Tariff, a tax to soak the Chinese? The resource sector comprises 9% of Australia's economy. Australia exports 80% of its resources. Who is the biggest buyer of those resources? China. The Chinese bought US$42.4 billion of resources from Australia in 2009.
China is scouring the world for oil, natural gas, copper, coal, and iron ore supplies. It has a desperate need for the raw materials ... and lots of money to toss around in order to get it. Plus…China doesn't just buy products from Australia, it buys mining companies too (US$$20 billion worth in the last 18 months or so).
The proposed Australian super-profit tax reinforces the lesson China learned in 2005 and 2006: the resources aren't yours unless they are in your house. Instead of sending more money on taxes to foreign governments, China will spend that money in its domestic mining and energy infrastructure. Right now, China has no choice but to "pay up" for Australian resources. It has to have them to continue building. But stories like this are huge drivers for China's domestic exploration programs...
China can't replace Australian supplies of iron ore, tin, and oil with domestic deposits tomorrow... but the country does have some excellent prospects.
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