World Economy

Rare Earth Export Permits

Rare Earth Export PermitsRare Earth Export Permits

China has instituted a system of export permits for rare earth metals, used in hi-tech goods such as mobile phones, the government said, with state-run media describing the move as an abolition of export quotas, AFP reported. China accounts for over 90% of global production of rare earths, a term covering 18 metals vital for the production of smartphones, hybrid car batteries, wind turbines, steel and low-energy light bulbs. Export permits will be required, but will be issued whenever a valid trade contract is presented, the ministry of commerce said in a statement last week. Officials also abolished a quota system at the center of a World Trade Organization.