The Chinese government has recently canceled the export quotas on rare earth, tungsten and molybdenum, drawing close attention of all sectors of society.
An official of the Department of Treaty and Law of the Ministry of Commerce said that the cancelling of the export quotas on rare earth, tungsten and molybdenum was a policy adjustment in line with China’s administrative system reform of resources products like rare earth with comprehensive consideration of the execution of a related decision by the World Trade Organization (WTO).
The official pointed out that in recent years, to protect and rationally use related resources like rare earth, standardize industrial market order, transform development modes, and realize the transformation and upgrading of resources industries, the Chinese government has taken a series of measures, making full use of economic and market methods, to strengthen and optimize related industrial management, and promote the sustainable and healthy development of the industries. The cancelling of the quotas was a specific policy to integrate domestic and foreign markets and resources, which fully manifested China's decision to give full play of the decisive effect of the market in resources allocation.
The official stressed that as an important member of the WTO, China has always respected WTO rules and the adjudication of the dispute settlement body. China will continue to strengthen the protection of resources products in the manner that accords with WTO rules, promote resources and environment protection, safeguard fair competition and realize sustainable development.
