The West might see China’s handling of rare earth as too aggressive. At home, however, the policy is been criticized as being too introvert and passive.
An article on the website of the Ministry of Land and Resources started by a dialogue:
A: Do you know that the Japanese has started to explore rare earth resources in Mongolia, Vietnam and Australia?
B: That is good. So that they will not over develop the rear earth mines at home. Anyway we have enough for ourselves.
A: You did not get what I mean. Being the largest producer and consumer of rare earth in the world, with mature geological exploration resources, why don’t we explore rare earth mines around the world, so that we can control it the way the Brazilians and Australians control the global iron ores?
The article then said China did not try to control global rare earth resources. Instead, the country is used to take the defensive position, even in terms of rare earth, for which it actually has a dominant position.
The thesis, the article said, is that in the global capital market, the control of resources does not lie on the control of materials or trading channels, it is the capital control of end supply and demand market.
China’s performance in rare earth resources, according to the piece, did not break through the status quo of being a resource supplier from the third world. It says that even China controls 70 percent of the world’s rare earth resources, it will not be able to monopolize the market as countries with transnational companies do, such as Brazil (Vale), Australia (Rio Tinto and BHP Billiton)
The United States, it says, take an opposite strategy: “The US let its own oil sleep on the land of America, and reach its capital all over the world.”
It ends by concluding that the resource strategy is still too introvert. It does not has the strategy of “managing the earth,” the author cited Mao as saying.
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