"The 'Measures' stress that special funds allocated for the adjustment and modernization of the rare earth industry must align with national macroeconomic policies and industry guidelines in both management and utilization. They must adhere to principles such as focus, openness, transparency, scientific planning, and practicality, fully demonstrating fiscal guidance. The scope of these funds will cover building regulatory frameworks at the local government level for rare earth resource protection and mining order rectification; enabling existing enterprises to adopt cleaner production methods for their rare earth mining, refining, and environmental protection systems; developing common technologies and standards, establishing production and technical specifications; achieving international advanced levels in high-performance rare earth material and device research through independent intellectual property rights; and setting up research and pilot bases for high-end rare earth materials and equipment.
The 'Measures' clearly specify that the support mechanism for special funds will primarily involve awards, subsidies, and capital injections. For common rare earth technology and standard research, as well as high-end application technology research projects, free grants will be provided. Typically, non-reimbursable grants do not exceed 50% of the total project development costs. The expense scope for research projects will follow the Ministry of Finance's guidelines on managing R&D expenditures. Annual support for individual projects does not exceed 10 million yuan. For high-end rare earth application technology industrialization projects, capital investments will be made, usually not exceeding 20% of the enterprise’s previous year’s actual investment, with an annual limit of 50 million yuan per project. One-time awards will go to rare earth mining and refining companies passing national environmental compliance checks, at rates of 1,000 yuan per ton for mined rare earth oxides (REO), 1,500 yuan per ton for smelting separation (REO), and 500 yuan per ton for metal smelting.
The introduction of this management approach is significant, with detailed regulations reflecting the importance placed on the rare earth industry by relevant state departments," says An Haixuan, a metallurgical industry researcher at China Investment Consulting. He told the Daily Economic News that the formulation of management measures is less important than ensuring their effective implementation. Whether the supervisory mechanisms are robust, penalties are fair, and information disclosure is transparent will significantly influence the success of these measures. In terms of oversight, the 'Measures' state that the Ministry of Finance and the Ministry of Industry and Information Technology will conduct regular or ad hoc inspections into fund usage and project execution, conducting annual performance evaluations. Funds not utilized for intended purposes or projects deviating from plans will result in partial or full recovery of special funds, with no further allocation to the project units in the following year.
Regarding the future impact on the rare earth industry, An Haixuan noted that the state's aim is to optimize and upgrade the sector through increased support. However, after implementation, the implications could vary for local governments and enterprises. Local governments may find it easier to eliminate outdated production capacities and adjust their economic structures, while enterprises face intense competition, with many smaller firms potentially going bankrupt due to insufficient financial aid, leading to a wave of consolidations," explained An Haixuan.
This comprehensive approach aims to balance regional development with industry sustainability, ensuring long-term growth while maintaining global competitiveness."
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