Chinese Premier Li Qiang signed a decree of the State Council on Saturday, unveiling a set of regulations on rare earth administration set to take effect on October 1. 

Rare earths consist of 17 elements that are hard to find in large quantities. These elements are widely used in high-tech products ranging from flat-screen TVs to lasers and hybrid cars.

According to the regulations, China will promote the high-quality development of the rare earth industry and encourage the research, development and application of new technologies, materials and equipment.

The regulations stipulate that the country will pay equal attention to resource protection and the development and utilization of rare earth elements through overall planning, ensuring security and boosting technological innovation and green development.

The regulations also specify punishments for illegal activities in areas such as rare earth mining, smelting and extraction, product distribution, and unlawful imports and exports.

(With input from Xinhua)