Society

China is building strategic reserves in rare-earth metals, an effort that could give Beijing increased power to influence global prices and supplies in a sector it already dominates.

Details of the stockpiling plans haven't been made public. But the outlines of the effort have emerged in recent statements from Chinese government agencies, state-controlled companies and reports in government-run media. The reports say storage facilities built in recent months in the Chinese province of Inner Mongolia can hold more than the 39,813 metric tons China exported last year.

China controls more than 90% of current global supply of rare-earth metals—a group usually classified as 17 elements and sometimes are called "21st Century gold" for their importance in such high-tech applications as laser-guided weapons and hybrid-car batteries. Beijing has been tightening its exports with a quota policy.

Hong Kong's securities regulator is seeking a court order to freeze assets of China Forestry Holdings Co. Chief Executive Li Hanchun, who sold a stake in the company just two weeks before trading in its shares was halted and possible accounting irregularities were disclosed.

The Securities and Futures Commission is also applying for a High Court order restraining Mr. Li from dealing in China Forestry's shares "whilst in possession of unpublished information about accounting irregularities in the company," according to a court document filed Monday.

The latest move underscores the regulator's efforts to fight market misconduct following several high-profile criminal prosecutions of insider-dealing activity in recent years.

China Forestry, which was listed in December 2009 and counts private-equity firm Carlyle Group LLC as a major shareholder, said Jan. 13 that Mr. Li had sold 119 million of the company's shares at 3.35 Hong Kong dollars (43 U.S. cents) each in a placement handled by Standard Chartered PLC, raising HK$398.7 million (US$51.2 million). With the transaction, Mr. Li's stake in the company fell to 2.46% from 3.9%.

China plans to sell 600 billion yuan ($91 billion) worth of welfare lotteries from 2011 to 2015, up 73.6 percent from the past five years, an official from the Welfare Lottery Distribution and Management Center (WLDMC) has said.

The sales of welfare lotteries posted an annual increase of 18.7 percent over the past five years, from 41.2 billion yuan in 2006 to 96.8 billion in 2010, the official said.

The sales totalled 345.53 billion yuan from 2006 to 2010.

Beijing will embrace its first snow this winter during the coming 24 hours, which arrives as the latest snowfall in 60 years, China's meteorological authority forecast Wednesday.

Beijng has had no precipitation for 108 days, as of Wednesday, making this winter the longest snow-free season on record in the past 60 years, the National Meteorological Center (NMC) said in a statement on its website.

Affected by a cold front moving eastward, light snow is forecast throughout the entire city during Wednesday night and Thursday morning. Most parts of the city will have snowfall of one to two millimeters.