Beijing fulfilling export pledge to Washington

China's exports of rare earth magnets to the United States soared more than six-fold in June compared to the previous month, clearly showing Beijing's swift action to deliver on its pledges made during the earlier round of trade talks with Washington, analysts said.

Sustaining this positive momentum will require continued goodwill from not only Beijing but also from Washington, they said, calling on the United States to further lift trade restrictions against China and find more mutually acceptable solutions to their remaining differences.

Outbound shipments of rare earth magnets from China to the US surged to 353 metric tons in June, a 660 percent increase from the previous month's levels, according to the General Administration of Customs.

The increase in exports came after Beijing and Washington agreed to a framework established during their trade talks in London in June.

A spokesperson for the Ministry of Commerce said on Friday that China and the US have maintained "close communication", affirmed details of the framework established in London, and are progressing with its implementation.

"China has been approving eligible export license applications for controlled items in accordance with the law, while the US has correspondingly lifted the restrictions targeting China that were addressed during the talks," the spokesperson added.

Nvidia's planned resumption of sales of its H20 artificial intelligence chips is also seen as part of the trade talk outcomes.

"China's export surge proves it honors commitments it made in the previous trade talks, but lasting stability demands US consistency," said Cui Fan, a professor of international trade at the University of International Business and Economics in Beijing.

On Thursday, the US Department of Commerce decided on preliminary antidumping duties of 93.5 percent on imports of Chinese graphite, a key battery component, alleging that the materials had been unfairly subsidized.

"If Washington engages in consultations on the one hand, but it constantly imposes new sanctions and restrictions on China on the other, it will not only erode the credibility of the economic and trade talk mechanism, but also shake the very basis for cooperation," Cui added.

Officials in US President Donald Trump's administration are expected to travel to China early next month to begin a "bigger trade conversation" between the two largest economies in the world, US Commerce Secretary Howard Lutnick told CNBC earlier this month.

"Dialogue should serve as a bridge to resolve differences, not a tool to conceal conflicts," Cui said. "Cooperation must become the mainstream of China-US economic relations, not just an expedient option."

wangkeju@chinadaily.com.cn