For decades, China has been the world's leading producer of rare earth elements. Materials created from rare earth which include ultra-high-strength magnets, catalysts, and phosphors, are essential for making a wide range of high-tech products, from consumer electronics like smartphones and TVs to green technologies like electric vehicles and wind turbines and even advanced military equipment like precision-guided missiles, smart bombs, and satellite communication systems.
As the world’s most dominant producer of rare earth elements, China exports over 80% of the global rare earth supply to key partners such as the United States, Germany, France, and Japan. And at the height of its dominance in 2009, China accounted for an astonishing 95% of the world’s rare earth production, despite only holding 36% of the world's reserves (as if that wasn’t already large enough).
So in this video, we'll explore China's strategic dominance on the rare earth market, examine the dangerous consequences of its monopoly, and discuss whether China's grip on rare earth elements may or may not end soon.
Music by Epidemic Sound
Stock Footage by Storyblocks
#China #Finance #Doverhill
about economics explained, about Finance and how money works, on China's dangerous rare earth monopoly, This is an economics/finance video
