China Mining Supplies Top Mining Board, Mining Suppliers Are Still Struggling

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China’s mining stocks are still struggling to regain their former glory, but the mining industry is in good hands.

The country’s mining companies are now producing mining equipment that is much cheaper than their rivals, the government said Wednesday.

The government has also set up a central body to manage mining companies, including setting up an oversight board and buying equipment from the world’s largest miners, the official Xinhua news agency reported.

The central body is expected to have more authority than the previous board, which had to come up with a plan to regulate mining companies and ensure they can produce the products they need.

The new board is expected be able to oversee the companies that produce mining equipment, Xinhua said.

The mining industry has been hit by a decline in investment due to a lack of demand and an increased competition from online rivals, as well as from the Chinese government, which has stepped up restrictions on foreign companies buying Chinese assets.