The Epoch Times
By Antonio Graceffo
October 9, 2021 Updated: October 10, 2021
News Analysis
Global supply chain interruptions are exacerbated by China’s lock on chemical processing.
In 1987, former Chinese leader Deng Xiaoping said, “The Middle East has oil, China has rare earths.” It seems that decades ago, the Chinese Communist Party (CCP) had already recognized the importance of controlling raw materials. Beyond mining and extraction, China’s efforts to hold power over the global raw materials market have included domination of processing and smelting. This processing-based strategy, combined with government monopolies and lax environmental regulations, has allowed China to become the world’s largest producer of critical raw materials.