Beijing: Chinese Premier Li Qiang signed a State Council decree on Saturday, unveiling a set of regulations on rare earth management that will take effect on October 1.
Rare earths consist of 17 elements that are difficult to find in large quantities.
Under the regulations, China will promote the development of high-quality rare earth industry and encourage the research, development and application of new technologies, materials and equipment.
The regulation envisages that the general planning of the country, ensuring security and promoting technological innovation and green growth will give equal attention to the conservation of resources and the development and use of rare earth elements.
The regulation also establishes penalties for illegal activities in the region, including rare earth mining, smelting and extraction, product distribution, and illegal import and export.