China sets up state-owned firm focusing on rare earths: media

Politics Economy

China has set up a state-owned company concentrating on research exploration and deep processing of rare earths, official media reported Thursday, with the leadership of President Xi Jinping pledging to strengthen control of the resources. China is the world's dominant supplier of rare earths, vital to the manufacturing of high-tech products including warplanes, but the United States and other major economies have tried to become less dependent on imports of the resources from the Asian power. The newly launched firm, established in China's eastern province of Jiangxi, was jointly founded by s...

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