THE
European Union , Japan and the United States have filed trade complaints with
the WTO over China ' s rare earth export quotas , saying the restriction has
limited other countries ' access to those minerals . The three trading powers
claim that China' s export restriction gives it a competitive advantage while
hurting producers and consumers in other parts of the world .The Chinese
Minister of Industry and Information Technology ,Miao Wei, is reported to have
said that China's rare earth export policy is drawn up out of concern for the
development of resources and environmental damage . Some rare earth metals would
last only 20 years if China does not stop excessive mining , Miao added . China
accounts for about 97 per cent of the world's output of the 17 rare earth
metals, which are crucial for global electronics production and the defence and
renewable-energy industries.
|
