Ministry Defends Rare Earths Export Policies
(Beijing) – China does not intend to distort trade and use protectionist measures regarding its domestic industries, the Ministry of Commerce said on March 13.
It was responding to protests by major foreign countries regarding China's export controls for so-called rare earth minerals, which are crucial for the production of components in a variety of high-tech products. Earlier in the day, the United States, European Union and Japan lodged coordinated complaints with the World Trade Organization (WTO), asking for consultation with China over the issue. The request for consultation is the first step in a WTO complaint.
The commerce ministry said the nation would properly handle the consultation request, and China's policies were aimed at protecting the country's resources and environment, and pursuing sustainable development.
Washington said rare earths export curbs, including export duties and quotas, have brought down prices for the minerals in China while increasing the import prices for foreign companies. As a result, foreign firms were exposed to unfair competition and were under pressure to shift related manufacturing business and employment to China.
The United States said it would ask the WTO to form an expert panel to settle the dispute if it cannot reach an agreement with China in negotiations within 60 days.
Since last year China has stepped up the regulation of its rare earths sector. Qiu Lin, a media commentator, said China owns 36 percent of the world's rare earths reserves but accounts for more than 90 percent of global exports. In comparison, rare earths production is negligible in the U.S., Russia and Australia, which are also abundant in such mineral resources.
China previously was the world's supplier of rare earths at the expense of
depleting its resources and damaging its environment, but it was no longer
inclined to do so, Qiu said.
-
Mar 05 06:10 PM
-
Mar 05 04:12 PM
-
Mar 05 01:56 PM
-
Mar 05 12:55 PM
-
Mar 04 05:33 PM
-
Mar 04 12:46 PM
-
Mar 04 12:32 PM
-
Mar 03 06:28 PM
-
Mar 03 06:17 PM
-
Mar 03 04:26 PM
-
Mar 03 12:26 PM
-
Mar 03 11:59 AM
-
Mar 02 05:33 PM
-
Mar 02 02:05 PM
-
Mar 01 07:02 PM
- 1Wuhan Gives Up on Troubled $18.5 Billion Chipmaking Project
- 2Cover Story: The Green Finance Challenge Facing China’s Banks
- 3Chinese Leaders Mulling Retirement Age Rise, Vice Minister Says
- 4China Revamps Credit Rating Rules for Corporate Bonds
- 5Chinese Offshore Oil Giant Faces U.S. Delisting From March 9
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas


