The China Rare Earth Serial Index was launched in Baotou, in North China’s Inner Mongolia autonomous region on Dec 31, 2019 -- marking the first and only rare earth serial index in the world, according to a report in the Baotou Daily.

The launch event also saw the release of the China Rare Earth Industry Development Index, jointly compiled by the China Economic Information Service and the Baotou Rare Earth Products Exchange.

The development index shows that as of 2018, China's rare earth industry development index rose 48.55 points compared with the base period in 2014, an increase of 48.55 percent.

The development index, together with the previously released China Rare Earth Price Index and China Rare Earth Prosperity Index, constitute the China Rare Earth Series Index.

Officials said Baotou city is now committed to transforming itself into a modern industrial base for China -- with remarkable developments in the rare earth sector, along with high-end equipment manufacturing, metallurgy and communications technologies.

With its abundant rare earth resources, Baotou is fast becoming China's leading supplier and R&D center for rare earths, as well as a major center for processing them.

The city is making strides in the development of its rare earth industry, with the Baotou Rare Earth High-Tech Industrial Development Zone and the Baotou Rare Earth Research and Development Center serving as its base.

China’s only e-commerce trading platform for rare earth products, the Baotou Rare Earth Products Exchange, was established as an additional boost to the development of the sector.

Baotou Rare Earth High-Tech Industrial Development Zone is the only national-level zone dedicated to the rare earth industry in China. [Photo provided to chinadaily.com.cn]