China accelerating review of rare earth minerals export: FM

BEIJING, June 19: China has consistently placed great importance on maintaining the stability and security of global industrial and supply chains and has been accelerating the review of rare earth-related export license applications in accordance with relevant laws and regulations, the Ministry of Commerce said Thursday.
In accordance with the move, China has approved a certain number of compliant applications in accordance with the law and will continue to strengthen the review and approval of such applications, ministry spokesperson He Yadong said at a press conference when answering a question on rare earth exports.
He said that Beijing is willing to enhance communication and dialogue with relevant countries on export controls and actively promote the facilitation of compliant trade.
The move comes amid growing international scrutiny over rare earth supply security and geopolitical tensions concerning critical minerals, as well as the shifting of production lines from China to other countries such as India and Vietnam, something which has badly hit Chinese markets.
In recent years, rare earths have become a focal point in geopolitical and trade tensions, particularly between China and Western nations, who wish to break China’s hold over the sector, as Beijing maintains a 60% monopoly on rare earth minerals.
(UNI)

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