Discovery of rare earth elements (REE) and their application to industry is several thousand years later than other metals, such as Fe, Cu, Au etc. From the end of the 18th century through 19th century is the main period of rare earth elements' discovery and the first half of the 20th century is the golden age for development and application of REE which began to be called the treasurehouse of new materials. Scientists at home and abroad, especially for the material scientists pay much attention to them and they are assigned the key elements to development of sophisticated and new technologies by government of many countries. Some people even think that development and application of REE will bring about a new technical revolution. The future of REE industry is bright and speed of REE's development and application will surpass other metals. China is superior in REE mineral resources and Deng Xiaoping, Jiang Zemin, the second and the third generation's leader of the communist party of China show great concern with the REE industry of China. Deng Xiaoping said "the Middle East is abundant with petroleum and China is abundant with REE whose problems must be perfectly settled and the superiority must exert". Jang Zemin said"we Chinese must turn our REE superiority to economic superiority". Exploration, development and application of REE in China began from the fifties of the 20th century. 40 year has passed away and the characteristic REE industry of China has taken her shape. Facing to the new century the party committee and government of China continue to concern with REE industry and the Chinese scientists working at REE are obliged to undertake the task for making development strategy, keeping the Chinese REE resource superiority and accelerating its turn to economic superiority.
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