00:00China has expressed readiness to cooperate with other countries on its rare earth export controls.
00:06Foreign Ministry spokesperson Lin Jian says Beijing remains committed
00:10to maintaining the stability of global production and supply chains.
00:16According to Chinese state media, the country will relax restrictions for Chinese and European
00:22semiconductor firms. This follows meetings between industry players and the Ministry of Commerce
00:27where concerns over shortages were raised. China had imposed export controls on rare
00:32earth elements and their related products in early April, requiring all exporters to apply for
00:37licenses. In response, Washington suspended some sales of critical technology to China,
00:43including components related to jet engines. The US imports the majority of its rare earths from
00:49China, which controls over 90% of global processing capacity for rare earth magnets that are vital to
00:56the defence sector, electric vehicles and electronics.
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