Problems and Countermeasures of Rare Earth Industry in China

Abstract

Rare earth elements are applied extensively in various industries, especially in the hi-tech and military fields. China has various and abundant deposits in rare earth resources. Since the end of the 20th century, China has been No.1 in both the production and exportation of rare earth products in the world. However, there are many rare earth problems in China, such as very low mining industry concentration, backward mining technology, disordered mining administration, low export price, difficult transformation of export policy, serious smuggling and decreasing storage. China’s comparative advantages in rare earth resources are gradually in decline and even in a danger of losing. As for rare earth elements China should integrate and standardize the disordered mining industry, extend the domestic supply chain, try to match the domestic industry policies with international trade policy, and improve the system of strategic storage.