The comments mark progress on matters that have vexed China's relationship with the European Union over the past year.

China views its rare earths as a national security issue, not a trade one, and that’s why Beijing is unlikely to loosen controls any time soon, experts say.

The auto industries in both the US and Europe could come to a standstill within weeks thanks to China’s ongoing restrictions on exports of rare earth minerals and magnets. Several European car part manufacturers have already halted production lines according to the European Association of Automotive Suppliers (CLEPA).