An olive branch has been issued to the US, Japan and Europe over their dispute with China about its export controls for rare earth metals.
China controls nearly all of the production of rare earth metals, but a trade complaint has been made by the US and European Union over its control of these metals. In particular, in 2010, China lowered its export quota by a third causing prices to soar.
But now China’s Ministry of Industry and Information Technology has invited foreign companies to team up with local firms on rare-earth technology ventures.
Ministry spokesman Zhu Hongren said: “The US, Japan’s and Europe’s capabilities in environmental management, recycling, technology research and development of high-end applications are welcome in China.
“Advanced foreign companies with strong technology and capital should get involved in exchanges and cooperation to jointly develop the rare-earth industry.”