China tightens controls over rare earth exports, imports of key commodities including crude oil, iron ore
- Ministry of Commerce on Tuesday asked exporters of rare earth metals and oxide products to report transactions
- Importers of crude oil, iron ore, copper ore concentrates and potash fertiliser have also been asked to report orders and shipments
China has asked exporters to report transactions of strategically important rare earth metals and oxide products, as economic security remains high on the agenda for policymakers.
Importers of crude oil, iron ore, copper ore concentrates and potash fertiliser have also been asked to report orders and shipments, the Ministry of Commerce said on Tuesday.
The new requirements, an update on the commodity reporting regulations released by the National Bureau of Statistics in 2022, will last for two years starting from October 31.
Previously, 14 imported items fell under the reporting mechanism, including soybeans, rapeseed oil, formula milk powder, pork, beef and sugar.
Rare earths, though, are the only item on the export reporting list.
China is the world’s top producer of rare earths, which can be used in a variety of sectors, such as defence and new energy vehicles.
