Reported about 1 year ago
On June 29, the Chinese government released new regulations aimed at protecting the country's rare earth reserves in the name of national security. The regulations, signed by Premier Li Keqiang, will come into effect on October 1, 2024, and impose restrictions on the mining, processing, and distribution of rare earth elements. China is the world's largest rare earth processing country and the regulations emphasize protective mining practices and comprehensive industry oversight. This move coincides with the EU's decision to impose temporary tariffs on Chinese electric cars to prevent price distortions caused by unfair subsidies. Concerns over heightened tension between the US and China have been raised due to China's restrictions on the export of elements used in the chip industry, citing national security and interests.
Source: YAHOO