China’s Ministry of Finance announced July 4 that it will subsidize 42 research projects on rare earth, rare metal, and new materials as part of its effort to strengthen is position as an industry leader. The country will launch a spot-trading platform for rare earths August 8 in order to improve price discovery of 17 key metals used in the electronics, defense, and renewable energy industries. The announcement comes as the European Union, Japan, and the United States criticize China’s export duties, quotas, and other restrictions on rare earths, calling June 27 for the establishment of a World Trade Organization dispute panel to rule whether the country’s export restrictions violate global trade rules. With 23 percent of the world’s rare earth resources and accounting for 90 percent of total world output last year, the country produces more than 400 varieties of rare earth products in more than 1,000 specifications.