Rare-Earth Development Zone Reports Higher Output

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Last updated at: (Beijing Time) Sunday, February 10, 2002

Rare-Earth Development Zone Reports Higher Output

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The Baotou Rare-Earth High-Tech Industrial Development Zone, the only development zone specializing in rare-earth research and development in China, gained 4.6 billion yuan in output value last year, up 26 percent from the previous year.

Its pre-tax profits grew 9.1 percent to 720 million yuan and the export value came to 73.5 million US dollars last year, slightly more than the previous year. The revenue income in 2001 soared 19 percent to 192 million yuan.

The development zone was built in Baotou City, known as the country's "rare-earth valley", in north China's Inner Mongolia in 1992 under the approval of the State Council. The reserve of rare earth oxide in Baotou makes up 97 percent of China's total.

Up to the end of 2001, 202 Chinese and foreign enterprises havesettled in the development zone with a combined registered capitalof 640 million yuan. Many came from the United States, Japan, the Republic of Korea, Britain, Spain, Canada and Russia.

The development zone has approved the establishment of 10 enterprises this year, or one third of the total number approved in Baotou during the same period.

To gain an competitive edge, the development zone has established ties with Indian software companies and the China Netcom and sought technological help from the United States and Japan.

The Inner Mongolia Autonomous Region has drawn a plan to boost the development of its rare-earth industry so as to build itself into the country's largest base for rare-earth products development, production and export.

The region is known for its rich rare-earth resources, which account for two-thirds of the world's proven reserves. Baotou Cityhas most of the resources.

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