中文摘要：

中国稀土储量、产量、出口量均居世界首位，但以资源禀赋为基础的稀土贸易并未给中国带来足够的贸易利益，中国并没有因为供给的垄断地位获得应有的定价权，相反却付出了巨大代价。本文通过核算稀土主要产品出口的全成本和收益，发现出口收益长期以来无法弥补出口全成本，并且中国稀土贸易付出了沉重的环境代价和资源代价。为了改变目前的贸易格局，中国应调整稀土战略，通过源头管制实现资源成本内部化，通过配套环境政策实现环境成本内部化，从而实现贸易利益和成本平衡；通过进出口并重战略避免资源短缺，通过鼓励高附加值稀土产品出口，提高稀土产业的环境贸易条件；通过实施稀土储备战略和加强国际投资合作，促进稀土资源可持续利用。

英文摘要：

China ranks first in terms of rare earths reserves, production, and export. However, its huge resource endowment was not turned into economic interests in the global market. China＇s domination on rare earth supply results in great costs, rather than monopoly pricing power. In this paper, we estimate and analyze full costs and benefits of rare earths export. The results show that earnings from rare earths export cannot cover the full cost. Export of low value-added rare earths products resulted in excessive exploitation of resources and serious environmental deterioration. In order to balance the benefits and costs, internalization of resource and environmental costs is crucial. In addition, China should avoid exhaustion of rare earths resources with balanced import and export. Specifically, the country should encourage export of high value-added products and increase its international competitiveness in the rare earth industry. Strategy of rare earth reserve and international cooperation in investment are important policy tools for the sustainable utilization of the resource.