China announced earlier this month that it reached an agreement with the United States during high-level trade negotiations held in London and said it would approve the export of rare earth elements. It also expressed its intention to build a healthy and sustainable U.S.-China relationship.

The Chinese flag appears in front of an illustration of gallium, one of the rare earth elements. /Courtesy of Reuters.

The Spokesperson for China’s Ministry of Commerce stated in a press release on the 27th, 'According to the agreement between the two leaders of China and the U.S., the economic and trade working teams of both countries held discussions in London from June 9 to 10 and reached a principle agreement on a framework to solidify the major agreements and outcomes of the economic and trade talks.' They added, 'Since the London talks, both sides have maintained close communication and recently finalized the relevant details.'

The Spokesperson noted regarding the export controls on rare earth elements, 'China plans to approve exports of controlled items that meet certain conditions' and mentioned, 'In response, the U.S. will revoke a series of restrictions on China.' They further expressed, 'We hope that the U.S. will move in the same direction as China.'

The Spokesperson said, 'We hope to jointly promote the strengthening of economic and trade consultations between the two countries and continuously expand consensus based on the key points agreed upon during the currency exchange between the two leaders on June 5, allowing the economic and trade relations between our countries to develop healthily, stably, and sustainably.'