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China indirectly trying to slow down western economy by embargo of rare metals?

Is china trying to gain supremacy with the Western world? According to report complied by New york Times, China is blocking shipments of rare earths to the US,Europe and Japan.

China mines 97% of the specialist metals crucial to green technology.New york Times report, citing anonymous industry sources, said Chinese customs officials had broadened export restrictions but in a statement Chinese ministry denied the report by saying, "The report is completely false".

"China will continue to supply rare earths to the world, and at the same time, to protect usable resources and sustainable development, China will also continue to impose restrictive measures on exploration, production and import and export of rare earths." he added.

US Geological Survey recognises 17 different rare earths which are used in everything from catalytic converters in cars to computer monitors, TVs and in pharmaceuticals.

Analysts say without these elements, much of the modern economy would shut down.

- BBC Inputs

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