China implemented a new policy Friday that gives local governments 80% of the income from mining rights transfers, according to a government statement.

The central  government  will  get  20%  from the mining rights transfer income and the local government will get 80%.

This is  the  first  time  that the proportion of central government and local governments' interests in transferring state-owned exploration and mining rights has been made clear.

The Ministry  of  Finance,  the  Ministry of Land and Resources, and the People's  Bank  of  China  announced in mid-August that the policy would start Friday.