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China Ministry Defends Rare-Earth Policy
First Published Tuesday, 13th March 2012 08:16 am - © 2012 Dow Jones
BEIJING -- China's foreign ministry said Tuesday that the government's management of rare-earth resources is in accordance with World Trade Organization rules and is carried out for environmental purposes.
The comments by ministry spokesman Liu Weimin come after a senior Obama administration official said Washington is planning to bring a new trade suit before the WTO over Beijing's restrictions on exports of rare-earth minerals.
Liu called allegations that China is monopolizing rare earths, a group of 17 elements used in crucial high-tech industries, as "groundless."
China accounts for 36.4% of the world's total rare earth reserves but more than 90% of total supply, a situation Liu described as "not sustainable."
"Despite huge environmental pressures, China has made efforts to maintain a certain level of exports," he said.
"We hope other countries with rare-earth resources can share the responsibility to provide rare-earth supplies."
-By Aaron Back, Dow Jones Newswires; 8610 8400 7704