BEIJING, June 29 -- Chinese Premier Li Qiang has signed a decree of the State Council, unveiling a set of regulations on rare earth administration.

The regulations, which will take effect on Oct. 1, stipulate that the country will pay equal attention to resource protection as well as development and utilization of rare earths, following the principles of making overall planning, ensuring security, and boosting technological innovation and green development.

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

The regulations specify punishment for illegal activities in areas including rare earth mining, smelting and extraction, product distribution, as well as unlawful imports and exports.

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