China curbs on exports of rare earth

By sagarmedia 

China has defended  its export curbs on rare earths saying its just preservation.

China says it is limiting its exports of rare earths for the just reason of protecting resources.The Chinese government issued on Wednesday a report about its rare earths policy.It says that China, which is home to 23 percent of the world’s known rare earth deposits, accounted for 90 percent of global output last year.
The report says China has made a great contribution to the world’s economic development and has met international demand.The report says growing global demand for rare earths has led to environmental destruction in China and supplies are being exhausted in some regions.
Referring to Japanese and US criticism that restriction on their exports is pushing up rare earth prices, the report defends China’s restrictions as justifiable protection of resources.
China says it opposes politicizing the issue of rare earths and it hopes to discuss and cooperate with consuming countries in a constructive and responsible manner.
Japan, the US and the EU have filed a complaint with the World Trade Organization, saying China has been unjustly restricting exports of rare earths to surge  prices.