A total of 30 businesses in the Baotou Rare Earth High-Tech Industrial Development Zone received funds amounting to 1.27 billion yuan ($184 million) to boost the development of the rare earth industry, reports Baotou Daily.

The fund was initiated by the people’s government of Baotou in August 2016, and is aimed at improving the transformation and upgrading of the rare earth industry. A total of 4 billion yuan was put into the fund, and so far, 1.69 billion yuan has been issued to rare earth-related businesses in Baotou city.