China, rare earths and export controls
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12hon MSN
China has approved "a certain number" of export permits for rare earth elements and related items, its commerce ministry spokesman said on Thursday.
Western companies are voicing growing concern that China is demanding sensitive business information as a condition for securing exports of rare earth metals and magnets, raising fears of data misuse and exposure of trade secrets, the Financial Times reported.
The Chinese Ministry of Commerce (MOFCOM) on Thursday reiterated that China's export controls on rare earths are in line with international practice, and China is willing to further strengthen communication and dialogue on the issue with relevant countries.
Chinese curbs on rare earth element exports can have a significant impact on automobile and other industries in India. China accounts for nearly 70 per cent of the world’s rare earth mining and controls about 90 per cent of global production, giving it near-total command over this critical resource.