State Council: Support Baotou Rare Earth Products Exchange in building a rare earth products trading centre

On October 16, the State Council issued opinions on promoting high-quality development in Inner Mongolia and striving to write a new chapter in Chinese-style modernization. The opinion proposes to strengthen the development and utilization of strategic resources such as rare earths by supporting the systematic exploration and evaluation, protective development, high-quality utilization, and standardized management of Inner Mongolia’s strategic mineral resources. Besides, we should also improve our ability to support strategic mineral resources such as rare earths, iron, nickel, copper, tungsten, tin, molybdenum, gold, fluorite, crystalline graphite, lithium, uranium, and helium. It's important to accelerate the development of high-end rare earth functional materials such as high-purity rare earth metals, high-performance rare earth permanent magnets, and high-performance polishing materials. Moreover, we need to expand the application of rare earth catalytic materials in steel, cement, glass, automobiles, thermal power and other industries. In short, government departments will support the Baotou Rare Earth Products Exchange in building a nationwide rare earth product trading centre in compliance with laws and regulations, and build Baotou into China’s largest rare earth new material base and the world’s leading rare earth application base.