By Admin 
China rare earth dominance: G7 countries have decided to work together to compete with China in the field of rare earth metals and reduce its influence. According to the report of South China Morning Post, more than a dozen investments and partnerships have been agreed upon between these countries in Toronto, Canada last Friday.
4.57 billion US dollars will be spent under investment. The objective of which is to reduce China’s dependence on rare earths. Energy ministers of Canada, France, Germany, Italy, Japan, UK and America participated in this meeting. Currently, about 80 percent of the world’s rare earths are under the control of China.
China is the king of rare earth
Today, about 80 percent of all the rare earths available in the world are under the control of China. Other countries including America are largely dependent on China for their needs. On October 9, China announced new restrictions on rare earth exports. Which was to start from 1st November. However, after meeting US President Donald Trump, this decision was postponed for 1 year.
Talking about India, China had imposed restrictions on exports. However, recently China had given permission to three Indian companies to import rare earths with certain conditions. According to media reports, Continental India, Hitachi and Jay Ushin Company have received this approval. Due to this attitude of China on rare earth, the whole world wants to reduce its dependence on China. New options are being searched for this.
The conflict will not stop now
Professor Zhu Feng of Nanjing University said while talking to the media that the trade conflict between China and America is not over yet. He said that even though a temporary agreement has been signed between the two countries, it is yet to be formally signed. He believes that America wants to be free from its dependence on China in the coming future. In the coming time, this tension may affect the economic strategies of both the countries.
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