China will rein in uncontrolled growth of the metals industry and slow energy demand by halting investment in new aluminum projects and small copper smelters. The government will also veto investment in new mines and smelters for tungsten, molybdenum, tin, antimony and so-called rare earths, its top planning agency said in a statement on Wednesday. The ban still allows spending to modernise smelters and reduce pollution, the National Development and Reform Commission said. Premier Wen Jiabao is trying to cool excessive investment in aluminum, steel and other industries, which has driven up raw material prices, increased pollution and spurred inflation in the world's fastest-growing major economy. China makes a third of the world's steel and is the biggest producer of aluminum.
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