On November 30, the government of Hunan province signed a strategic cooperation agreement with China Rare Earth Group. In the year of 2021, the rare earth industry of Hunan achieved a total operation revenue of RMB3.5 billion (USD0.50 billion), up by 12.9% from 2020 and indicating sound growth potentials and development outlook. The two sides hoped to tap China Rare Earth Group's advantages in capital, technology, talents and management and Hunan's advantages in resources and industry so as to advance integration of Hunan rare earth industry, promote construction of Hunan rare earth new materials industrial park and advance rare earth deep processing and high-value added applications in Hunan.