A rare-earth mine in Baoshan, Southwest China's Yunnan Province Photo:VCG

China's rare earth exports in 2023 increased 7.3 percent year-on-year to 52,306.5 tons, with the export value narrowing by 28.3 percent, data from China's General Administration of Customs (GAC) showed on Friday.

Experts noted that the volume increase and drop in prices of rare earth exports are normal market changes. The rising volume also proves that Western smears against China's role in maintaining the global supply chain of rare earths are groundless, they said.

In December 2023, China launched a revised, shortened version of the Catalogue of Technologies Prohibited and Restricted from Export, aiming to create better conditions for promoting international trade cooperation, while safeguarding national economic security and development interests, according to a statement on the website of the Ministry of Commerce.

The new catalogue stipulated that rare-earth extraction technology cannot be exported and that a number of related techniques require approval before export. It stirred a new wave of conspiracy theories and geopolitical speculation about the global supply chain among Western media outlets.

"The revised export controls are focused on technology that will not impact the volume of China's exports. The data is the proof," Wu Chenhui, an independent industry analyst who closely follows the rare-earth industry, told the Global Times on Friday.

Wu noted that China will not weaponize rare earth exports, adding that the rare earth-related tech controls are in line with international practice. "The action is for the sake of the country's economic security and development interests amid the current complex international situation," Wu noted.

The revision of the Catalogue of Technologies Prohibited and Restricted from Export is a routine update for China to adapt to the latest technological advancement and better manage technology trade, said Wang Wenbin, a spokesperson for China's Foreign Ministry.

"China is committed to promoting reform and development through opening-up. We are always ready to create enabling conditions for international economic and trade cooperation on the basis of ensuring national economic security and development interests," Wang noted.

Global Times