This paper calculates the dual margins of China’s export growth with HS-6 digit micro trade data of rare-earth industry from 2001 to 2012, and analyzes the impact of export regulation and relative yield on these dual margins. The results show that export regulation can improve extensive and intensive margins, and the impact on intensive margin is greater, while relative yield negatively influences dual margins. Under China’s economic new normal situation, with the play-down of rare-earth product export regulation, regulations on the production of rare earth industry should be strengthened and additional value of product should be improved to realize the shift from extensive growth of size and speed to intensive growth of quality and efficiency. Export market should be expanded to promote the health expansion of rare-earth industry.