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szdaily -> Business -> 
New rare earth rules based on market demand, minister says
    2021-03-02  08:53    Shenzhen Daily

CHINA’S draft rules to strengthen regulation over the rare earth industry are based on long-term development plans and market demand, with the aim of solving practical issues, Xiao Yaqing, China’s industry and information technology minister, said yesterday.

China started to solicit public opinion on the set of draft rules Jan. 15. The draft document includes rules concerning regulatory responsibilities, project approval and quota management, while stressing supervision as well as management of the entire industry chain of precious ores.

The regulations are intended to allow the market to play a decisive role in the allocation of resources. At the same time, the government will also play a role in maintaining market order, Xiao said.

China has the most rare earth resources in the world and exports most of them, Xiao said, but the country sells them at a low price because of vicious competition and price reduction.

“Our rare earths did not sell at the ‘rare’ price but sold at the ‘earth’ price ... because of competitive bidding, which wasted the precious resource,” Xiao said.

Rare earths are a scarce resource that are now being exploited in a disorderly way and resources are being wasted, he added, before warning that in the long run there will be problems in the comprehensive utilization of the resources.

There are also environmental issues concerning the exploitation of rare earths and the number of high-level rare earth products is not sufficient, which is not helpful for technological innovation and development, the minister added.

The country’s rare earths exports hit a five-year low in 2020 amid the pandemic-stricken overseas demand and rising supply in domestic industries.(SD-Agencies)

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