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Chinese Foreign Ministry spokesperson Lu Kang made the announcement on Monday, saying the tour is being made at the invitation of Hungarian Prime Minister Viktor Orban and Russian Prime Minister Dmitry Medvedev.

China's regulators are trying to cool down the price rally of rare earth, which has seen a sustained price increase since the beginning of this year, after five years of downturn.

China, as the world's second-largest economy and the largest consumer market, has announced and taken substantial moves to further open its economy, which will provide development opportunities for all countries, including the US. It will be regrettable if US companies and workers fail to benefit from China's economic liberalization moves due to Washington's refusal to cast off its adventurism.

Chinese Ambassador Wu Peng (second from right) speaks at the ceremony. [Photo by Liu Hongjie/China Daily]

China's role is vital. Over just a few decades, it has grown into one of our largest business sectors, while securing its position on the global stage. China is currently the largest market in the Asia-Pacific region. In terms of revenue by region, Europe accounts for 44 percent of the global market, with the US generating 18 percent and the rest of the world 38 percent.