China has promised to maintain the nation’s supply of rare earths and also indicated that the exports of wind turbines and smart bombs that are ingredients required in electronics may rise from the coming year.

Chinese Commerce Ministry trashed the report released by New York Times that China has extended a ban on exports to Japan for including America and Europe. The ministry stated clearly that China will go on supplying rare earth all across the globe. 

Wang Caifeng the former deputy dirctor of the ministry of Industry and Information Technology told reporters that the nation may raise the production restriction and export quota from the next year. He was in charge of the sector and at present is setting up the China Rare Earth Industry Association. 

China produces more that ninety percent of the globe’s rare earth in its mines. The country had brought down its export quota by seventy two percent in the second half of this fiscal. Thus it got into a tussle with both Japan and the US. 

According to the Chinese Government the move was taken so that the nation can shut down mines that are incurring losses and mines that are spreading pollution. The government added that they at present want to meet the domestic demand as they have plans to set up value-added industries and for that they are taking steps to minimize environmental damage. 

In this the leader of the Communist Party met where they chalked out plans for building a fairer society by investing in the technology industries in the kinds of alternative energy. It also pointed out the importance of conservation of natural resources and tackling pollution. 

As a result of this the country will face tough competition from developed economies like Japan and the US for getting resources that are required for alternative energy as well as other high-tech industries.