Japanese media reported that China has decided to limit exports of rare earths and wants Japanese companies to introduce technology to develop rare earth products to China.
China produces more than 95% of the world's rare earths and has recently announced to overseas clients that greater efforts are being made to control the sector by depletion of resources and environmental degradation.
Chinese Deputy Prime Minister Li Keqiang met in Beijing with Hiromasa Yonekura, chairman of Japan's largest business group - Nippon Kedanren and Fujio Cho, chairman of Toyota Group - both of whom are head of state. of the Japan-China Economic Association.
At the meeting, Fujo Cho called on Beijing to re-evaluate its export policy for rare earths, but Mr Li Khac Cuong said it was necessary steps to protect the environment.
Rare earth is considered the gold of the 21st century. (Photo: Lifeslittlemysteries)
Li also added that he hoped Japanese companies would introduce technology to develop rare earth products to China. Demand for rare earths - a group of 17 elements used for conversion catalysts, batteries and electric vehicles - is estimated to double in five years.
Toyota has also said plans to select electric vehicles for all models by 2020. In April, Toyota said plans to develop electric vehicles with components from China but not detailed.
The World Trade Organization said in July that China had broken international laws by refraining from exporting raw materials, particularly rare earths. Beijing has appealed this decision.
Japan accounts for one third of global demand for rare earths and is adversely affected by China's export restrictions.