BEIJING, Jan. 15 (Xinhua) — China’s Ministry of Industry and Information Technology on Friday started to solicit public opinion on a set of draft rules to further strengthen regulation over the rare earth industry.
The draft document includes rules concerning regulatory responsibilities, project approvement and quota management, while stressing supervision as well as management of the entire industry chain of the precious ore, according to the ministry.
The draft regulation specified that no institution or individual will be allowed to purchase and sell rare earth products that are exploited and extracted illegally.
The ministry will establish a tracking system for rare earth products and enhance the closed-loop management of the industrial chain, the document noted.
The draft rules will help stabilize the rare earth market and facilitate the protection of industrial security and ecological environment while improving the regulation system, said Hu Deyong, deputy secretary general of China Nonferrous Metals Industry Association.
Hu added that the draft regulation will also boost the stability of the industrial and supply chains and promote the coordinated development of the rare earth industry.