Chinese State Councilor Ma Kai defended China's rare earth policy in a speech delivered at the 4th Hamburg Summit in Germany, Caixin.com reported Monday.

The world is not short of rare earth resources, the problem is with the supply-demand structure, Ma said. According to Ma, China only owns a little more than 36 percent of the world's rare earth deposit, while the country contributes to over 90 percent of the world's exports. Many countries have abundant rare earth resources, yet refuse to explore them.

Ma also said China's tightening of rare earth exports is consistent with World Trade Organization rules.

China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.