China defends rare earth export controls

China's Ministry of Commerce on Sunday defended the country's recent export control measures on rare earths and related items as a legitimate action.

The Ministry of Commerce and the General Administration of Customs on Thursday announced export control measures on items related to superhard materials, rare earth equipment and materials, and batteries.

Effective from Nov. 8, exports of items related to superhard materials, equipment and raw materials related to rare earths, five medium and heavy rare earth elements including holmium, lithium batteries, as well as synthetic graphite anode materials, will not be permitted without approval.

A Ministry of Commerce spokesperson said in press lease on Sunday that China, as a responsible major country, employs export controls on related items according to the law, in order to better defend world peace and regional stability, and to fulfill non-proliferation and other international obligations.

"China's export controls are not export bans," said the spokesperson, adding that licenses will be granted to eligible applications.

Before the measures were announced, China had already notified relevant countries and regions through bilateral export control dialogue mechanisms, the spokesperson noted.

China stands ready to work with the rest of the world to step up export control dialogue and exchange, so as to better safeguard the security and stability of global industrial and supply chains, according to the spokesperson.

In response to a question regarding follow-up measures for strengthening export controls on rare earths and related items, the spokesperson said: "The Chinese government will conduct reviews in accordance with laws and regulations, grant licenses to eligible applications, and proactively consider the applicability of facilitation measures such as general licenses and license exemptions to effectively promote legitimate trade."

China defends rare earth export controls

China defends rare earth export controls

U.S. economic activity rose slightly in most districts, with three regions reporting no changes and one region experiencing a moderate decline, the U.S. Federal Reserve said in its Beige Book released on Thursday.

This indicates an improvement compared to the last three reporting periods, during which most regions reported little change in economic activity, according to the Beige Book.

It shows that the outlook for future activity is mildly optimistic, with most expecting slight to modest growth in the coming months.

Most banks reported that the consumer spending went up slightly over the holiday season, buoyed by strong spending from higher-income consumers. Employment was mostly unchanged in the most recent period, with eight of the twelve districts reporting no changes in hiring. Prices grew at a moderate rate across a large majority of districts, with only two districts reporting slight price growth, the survey said.

Cost pressures resulting from tariffs were a consistent theme across all districts, it said.

The Beige Book, officially known as the Summary of Commentary on Current Economic Conditions by Federal Reserve District, is a survey on economic conditions based on information collected from its 12 regional reserve banks. It is published eight times per year.

US economic activity shows moderate growth amid inflation pressure: Fed Beige Book