According to Bloomberg, Rashim Suleiman, chief executive of Canadian rare earth producer Neo Performance Materials, said on Monday that given China¡¯s technological expertise and competitiveness, China should continue to be an important link in the global supply chain for rare earth products.

Bloomberg said that Suleiman made the above remarks in an interview on the sidelines of a rare earth conference held in Toronto, Canada that day. The main topic of the conference is how to build a supply chain that does not rely on China.

¡°China will continue to be the leader in this field, and frankly it should be so,¡± Suleiman said, ¡°When an industry seeks to control centralized risk, I think it¡¯s the right way to think about industry change.¡±

According to Bloomberg, China has decades of strong control in the field of rare earths. Although the West is trying to reduce its dependence on China, the reality is that Chinese products are more affordable, and China's ability to meet the special needs of customers is amazing. More than 90% of the world's rare earth magnets are produced in China.

Even as a growing producer of rare earth magnets in the United States, its executives acknowledge that it is not easy to replace China quickly or easily. Manufacturers who use rare earth or magnets in their products must also find a balance between cost and geopolitical supply risks.

"China is still the most cost-effective region in the world. I think customers will definitely focus on how to find the right balance, some materials are localized, and most of them are still sourced (from China)." Suleiman said.

At the China Foreign Ministry routine press conference held on July 24, China's spokesman Guo Jiangkun said that China's policy on rare earth issues is in line with international practice.We are willing to continue to strengthen dialogue and cooperation with relevant countries and regions in the field of export control and jointly safeguard global supply chain stability and security.