China to tame illegal rare-earth exports, mulls tracking system
Source:Global Times Published: 2019/6/17 22:08:40
China has vowed to impose stern export restrictions on its rare-earth resources and may introduce a tracking mechanism for the rare-earth industry to ensure export compliance, an official said on Monday.
Given the intense trading conditions China is facing, the US defense companies might be the first batch of listed purchasers facing a ban by China on rare-earth exports, industry insiders said.
Beijing 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 on Monday.
As the largest reserve holder and producing country of rare-earth resources, China will continue to meet reasonable demand of the world market, such as livelihood-related products, Wu Chenhui, a Beijing-based independent rare-earth analyst, told the Global Times on Monday.
This group of minerals, which constitute a strategic resource of special value, could be used by China as a countermeasure in the trade war with the US, Wu noted.
"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. Information on both groups might need to be submitted for tracking.
Global industry trade links are closely interconnected and no progress can be made without cooperation. China will promote its rare-earth industry using the principles of openness, coordination and sharing, to meet the world's legitimate needs for rare-earth resources and products, Meng 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.
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