Following a meeting between U.S. President Donald Trump and Chinese counterpart Xi Jinping, China announced on Thursday that it is working on simplifying rare earth export licenses.
He Yadong, a spokesman for the Commerce Ministry, told reporters during a weekly briefing that "the government is actively adapting" and that officials "were aligning themselves with general license mechanisms."
At least three Chinese producers of rare earth magnets have obtained licenses that allow them to expedite exports to certain clients, according to a Reuters story on Tuesday.
He didn't mention whether any new licenses had been granted. Following a meeting between Trump and Xi in late October that reduced trade tensions between the two nations, China started developing the new rare earth license system.
