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China adjusts resource tax rate for oil, gas

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The State Council, or China's cabinet, announced on Wednesday the adjustment of China's resource tax rate for crude oil and natural gas.

The announcement, which came out of an executive meeting of the State Council chaired by Premier Wen Jiabao, came after officials agreed to link the resource tax to sale prices for crude oil and natural gas and adjust resource tax rates for the two products.

The resource tax is currently linked to sale quantity only.

The State Council also used the meeting to adopt a national five-year plan to improve safety conditions in the nation's workplaces.

The country currently faces an arduous task in improving work safety, as rapid industrialization and urbanization have made workplace accidents more commonplace, according to a statement issued after the meeting.

Local governments should make work safety one of their top priorities and enhance their supervision of local companies, the statement said.

By 2015, companies across the country should improve their ability to prevent accidents, while government departments should improve their ability to supervise these companies, the statement said.

The State Council also ordered local governments to improve regulations regarding the recycling of waste products in order to prevent environmental pollution.

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