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China extends an olive branch to Western auto giants over rare earth shortage

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China 's Ministry of Commerce on Saturday said it was willing to establish a "green channel" for eligible rare earth export license applications to expedite the approval process to EU firms.

China imposed export restrictions on several rare earth elements and magnets widely used in the automotive, defense and energy sectors.

China is the undisputed leader of the critical minerals supply chain, accounting for roughly 60% of the world's production of rare earth minerals.