China has decide to control the rare earth export
China has decided to control the rare earth exports stricter and banned illegal trade. Tracking systems could be introduced into the rare earth industry to ensure compliance, an official said.
Wu Chenhui, an independent analyst of rare earth in Beijing said, China as the largest rare earth resources holder and producer, will keep supply for reasonable demand of the world market. “Besides, promoting the development of the rare-earth sector has been China’s consistent policy, and further enhancing the supervision of the whole industry chain is needed, including producers and end users,” he said. For tracking both sides, information might needs to be submitted.
Wu said the deposits constitute a strategic resource of special value that could be used by China as a countermeasure in the trade war with the United States.
Us defense companies are likely to be the first listed buyers to face a ban by China on rare earth exports, given the tough terms China faces, according to industry insiders.
Firmly opposes any attempts by any country to use products made with China’s rare-earth resources to curb the nation’s development, Meng Wei, spokesperson of the National Development and Reform Commission, China’s top economic planner said
To promote the development of the rare-earth industry, China will deploy effective methods including export restrictions and establishing a tracking mechanism, she noted.