Asia Bizz: China Suspends Rare Earth Materials Exports To Japan
China has officially suspended the exports of rare earth materials to Japan, as the ongoing political dispute has been raging between the two countries for sometime now. The two Asia countries are in a political tiff over a territorial dispute in the in the East China sea. On the other hand Japan imports some 50% of the rare earth materials from China, which is a strong blow to the trade.
Rare earth materials are mainly used in hybrid cars manufacturing, hi-tech computer gadgets etc.by Japan. The shipments of rare earth materials has been suspended on the Chinese ports, as the decision has been forwarded by the government. One of spokesman of Japan’s major trading house, stated, that they have received news that China has halted its shipments of Japan, but no reason has been presented to them for the moment.
Both the countries are major economic powers in Asia, and they have locked horns on a territorial dispute over a small groups islands in the East China Sea. China is said to have been holding some 95% of the rare earth material on earth, and that it exports some 99% of such materials around the world. The Chinese government has recently been in strong conversation with Japan on an another issue relating to the arrest of the Chinese trawler captain.