More market-based tools, less supply chain vulnerability: China’s rare earths policy reforms and their impact on the global supply chain

Engineering notes

A higher proportion of market-based tools significantly curbs vulnerability in the short term (coefficient = −4.56, p < 0.01), yet the long-term effect (coefficient = −1.25) lacks statistical significance.

Chinese explanation / 中文解读

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Original abstract

Rare earth elements (REEs) are critical metals for clean energy technologies. All countries face urgent challenges in mitigating supply chain risks and stabilizing the global REEs supply. As a major supplier within the global REEs supply chain, China’s market-based policies targeting market participants exert substantial impacts on supply chain security. This study adopts the Autoregressive Distributed Lag model to analyze how China’s market-based REEs policies affect global supply chain vulnerability. The empirical results show that such policies can alleviate supply chain vulnerability. A greater number of market-based policy tools slightly lowers vulnerability (coefficient = −0.02, p < 0.1). A higher proportion of market-based tools significantly curbs vulnerability in the short term (coefficient = −4.56, p < 0.01), yet the long-term effect (coefficient = −1.25) lacks statistical significance. This study puts forward policy adjustments to improve policy efficiency and further reduce supply chain vulnerabilities.

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