China defends minerals export controls after G7 calls to reduce reliance

Investing.com -- China defended its export control measures on critical minerals on Thursday and called on the Group of Seven nations to respect market economy principles and international trading rules.

Foreign ministry spokesperson Lin Jian said China's efforts to standardize and improve its export control system align with international practices. He said the aim is to better safeguard world peace and regional stability and to fulfill international obligations related to non-proliferation.

The statement came after G7 leaders agreed on Wednesday to increase coordination to reduce their countries' reliance on China for critical minerals. The plan includes aligning stockpiling efforts and expanding the role of the International Energy Agency.

Lin urged G7 leaders to stop imposing rules of small cliques that undermine the international economic and trade order.

Western powers are working to diversify supplies of metals essential to defense, technology and renewable energy. The push follows Beijing's export curbs last year on permanent magnets, which disrupted various industries and revealed dependence on a single source.

Without naming China, G7 leaders said they seek to reduce dependence on any one supplier outside the grouping and partner countries for rare earths and permanent magnets to below 60% by 2030. The group set an ultimate goal of 50% as soon as possible.

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