Economic highlights for this week
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5. China tightens grip on rare earth market
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China's Commerce Ministry |
China’s cabinet and Commerce Ministry announced late Thursday it would expand its rare earth export-quota system and impose higher taxes on the minerals, which are used to produce high-tech goods such as iPhones and laser-guided missiles. It also said it would crack down on companies that violate export quotas. According to customs data provided by Hong Kong-based Economic Information & Agency, China’s exports of rare earth in the first four months of 2011 grew 33 percent year on year to 18,614 metric tons, despite government orders to sharply cut exports of the minerals.
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