China sets up a rare earth body

     China produces 95% of the world's rare earth elements. These elements are significant in the production of various high-tech products. China's trading partners believe the China is trying to become the world's biggest producer of rare earths to benefit domestic manufacturers. They argued that by limiting exports, Beijing kept low prices for domestic buyers but international firms. They also claimed that Beijing tried pressuring international manufacturers to move to China.  China denied these claims and said they placed these restrictions to prevent environmental damage.