Bulwark Against Abuse
Though China’s new Export Control Law came into force at the end of last year, on December 1, 2020, its coming was anticipated earlier. In November, the prices of rare earth elements, of which China is the largest exporter in the world, had jumped in anticipation of possible restrictions once the law took effect.
Rare earth elements are used to manufacture electronic items such as smartphones. Japan, the U.S. and some European countries buy large quantities of rare earth from China because they need them for advanced manufacturing, and they are afraid that they will find it harder to import newspaper.
