Rio Tinto has committed to invest $10 million with the world's largest steel producer China Baowu Steel Group over the next two years in low-carbon steelmaking projects and research, the company said.

Fiscal spending likely to focus more on public services to improve livelihoods.

$30.6b earmarked for mixed-ownership reform, cutting-edge technology.

The 10 projects involve total investment of about 13.56 billion yuan and will be developed into 513,000 square meters of gross floor space.

The steel giant is going to pursue latest technologies and innovation and emerge as the global steel industry leader, said its chairman.

China's consumption of steel products is expected to grow marginally next year.

The purchasing managers' index of China's manufacturing industry was 51.9 percent in December.

Chongqing Iron & Steel (Group)'s steel output broke through 7 million tons.