Rio Tinto Group (RIO), the world’s second-biggest mining company, said proposed economic reforms unveiled this month by China contained many positive signals, underpinning continued demand for raw materials.
The Communist Party’s third plenum document “contained many positive signals, including the pledge to further open up border areas in the interior and support land reform,” said Jan du Plessis, chairman of London-based Rio, according to notes for a speech today in Sydney. “My long-term view of the Chinese economy remains positive and we expect to see continued, robust growth in demand for commodities.”
BHP Billiton Ltd. (BHP), the world’s biggest mining company, yesterday said it was “confident” about China’s announced reforms as the nation transitions to a consumption-led economy from export and capital-led growth. The government of China, Rio and BHP’s biggest customer, this month pledged to ease the one-child policy and boost private investment, giving more influence to market forces and loosening government controls.
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