China to guarantee basic market supply of rare earth

Ministry of Commerce spokesman Yao Jian said on Dec. 15 that China will adopt a responsible attitude to protect the basic market supply of rare earth resources.

Yao said the Ministry of Commerce is working with relevant departments to step up the formulation of a rare earth quota in the new year. This will be released as soon as possible in accordance with market demand, and China will adopt a responsible attitude to strengthen international cooperation.

Such cooperation should be multifaceted, including technical cooperation, exploitation of new resources, as well as resources that match Chinese exports and production.

Data show that 70 percent of the rare earth China exported is to Japan, the United States, Europe and other major markets, of which Japan accounted for 49 percent.

By People's Daily Online