This is the VOA Special English Economics Report , from voaspecialengli... | / voalearningenglish
The United States, the European Union and Japan have called for talks with China under the dispute settlement system of the World Trade Organization. They want to discuss China's export limits on rare earth metals and two other minerals. WTO rules give talks sixty days to work. If they do not settle the dispute, a WTO panel can then be requested to help reach a settlement.Rare earth metals are used in the manufacture of almost every high-technology device -- from mobile phones and computers to batteries for electric cars. And demand is only growing.China says it follows WTO rules in exporting the minerals. In twenty ten, China mined about one hundred thirty thousand metric tons of rare earth metals. That was about ninety-seven percent of world production. But information from China's government and the United States Geological Survey shows that China has reduced its export limits sharply in the past two years. Critics say this unfairly helps Chinese companies in the production of high-technology products. And, they say, it is a violation of World Trade Organization rules. President Obama explained why the United States was involved in the case. He said American manufacturers use rare earth materials to make high-tech products like advanced batteries. "We want our companies building those products right here in America," he said. To do that they need access to materials that China supplies. In the president's words, "If China would simply let the market work on its own, we'd have no objections." But he said Chinese policies "go against the very rules that China agreed to follow." China says it has restricted rare earth exports to meet needs at home. And it says its policy helps limit the environmental damage caused by over-mining. China now faces a slowing economy. In February, the nation had its biggest trade deficit in ten years. Experts expect China's central bank to increase the money supply to aid economic growth. At the same time, inflation remains a threat. On March fourteenth, Premier Wen Jiabao discussed the need for reform. China, in his words, "must continue to strike a balance between maintaining steady and robust economic development, making economic structural adjustments and managing inflationary expectations." For VOA Special English, I'm Alex Villarreal. Get more business news and learn English at voaspecialenglish.com.
(Adapted from a radio program broadcast 16Mar2012)
29 окт 2024
