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Discusses the origins of internal auditing in the rise of the joint stock company and its role in the Chinese socialist market economy. Outlines the economic benefits expected from modern enterprises and the invaluable contributions offered by internal audit to their success. Suggests a number of key areas in an enterprise where internal audit might be expected to probe. Expresses optimism about the prospects of internal audit development.

Rare earths are essential materials for many high-tech industries critical to both economic development and national defense. China, the world's dominant supplier of rare earths, has recently been imposing stricter controls over its production and export. The purpose of this paper is to examine the domestic roots of the changes in China's rare earth industry production and exports in its three-decade rise to the current global monopoly.

This paper adopts the historical institutionalism approach to analyze the trajectory of industry and trade development. The author analyzes data collected from government whitepapers and reputed scholarly and news sources.

This paper argues that the Chinese rare earth industry has gone through three periods of development, in which the state attempted to control the market and industry through reformulating rules and institutions to achieve state goals. Domestic state institutions, combined with macroeconomic environment and state governance strategy shaped the three-decade experience of rare earth industry and trade development in China.

This paper builds on existing findings about Chinese state regulations to provide a novel analytical framework to analyze the role of the state in industry and trade development in the rare earth industry. The focus on a single strategic industry seldom studied in the current literature also provides ample empirical value to further scholarly understanding about this industry.