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Beijing (AFP) Oct 28, 2010 China will not use its near-global monopoly on the rare earths trade as a "bargaining tool", an industry ministry spokesman said Thursday, amid a row with Japan over the vital minerals. The comments came as Japanese media reported that China had cancelled a meeting of the economic ministers of Japan, China and South Korea due to the spat over its export restrictions on rare earths, which are used in high-tech goods. "China will not use rare earths as a bargaining tool," Zhu Hongren, the spokesman for the country's ministry of industry and information technology, told a press conference, according to an official transcript. "China hopes to have mutually beneficial cooperation with other countries on the use of rare earths... and at the same time protect the unrenewable resource." China last year produced 97 percent of the global supply of rare earths -- a group of 17 elements used in high-tech products ranging from flat-screen televisions to iPods to hybrid cars. The world's top consumers of rare earths, especially Asian neighbour Japan, have rung the alarm bell in recent weeks, accusing China of disrupting exports of the vital minerals -- a charge Beijing has repeatedly denied. Shipments have nevertheless been disrupted, and a top official in Tokyo has warned that Japan's stockpile could run out by March. Japan and Vietnam are now set to sign a deal on joint development of rare earth reserves. Zhu said China had the right to impose restrictions on the mining, production and trade in the minerals, as a means to tackle pollution in what is a notoriously environmentally unfriendly industry. "China's rare earth production and exports should take into account not only economic development, but also a number of factors including protecting the environment and resources," he said. The spokesman also reiterated that China's moves in this regard were "in line with World Trade Organisation rules".
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ASEAN leaders gather as turbulence buffets regionHanoi (AFP) Oct 28, 2010 Southeast Asian leaders meet Thursday with their region assailed by currency tensions, territorial disputes and pressure to act on troublesome neighbour Myanmar's looming elections. The Association of Southeast Asian Nations (ASEAN) summit in Vietnam's capital Hanoi also takes place against a backdrop of increasingly assertive behaviour by China which has put the region on edge. The gath ... read more |
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