The Ministry of Science and Technology is expected to announce an injection of 350 million yuan into the rare earth material industry, the Shanghai Securities Journal reported

The funding is part of the 12th Five-Year Plan (2011-2015) for the industry, which is to be released Tuesday, the journal said.

The new material industry was valued at 130 billion yuan in 2010 and is accelerating at an annual rate of 22.5 percent, according to securities firm GF Securities.

By Sun Yuanqing