The Chinese authorities invested more than $10 billion in new overseas mining and metal production projects in the first half of 2023. Experts believe that by the end of the year, Chinese investments may surpass the record figures of 2018. Then China invested $17 billion in such projects.
Journalists cite data provided in a study by Fudan University in Shanghai. According to the publication, China invests most in the production and extraction of uranium, lithium, nickel, copper, and iron ore/steel. Experts attribute this to the fact that the Chinese authorities and private sector need resources to produce batteries for electric vehicles and other technologies for “clean energy”.
The necessary resources and methods for their extraction are part of the large Chinese “Belt and Road” project. Investments are directed to infrastructure and energy projects in Eurasia and Africa. Some experts believe that China is gradually overtaking Western European countries in terms of investment in rare earth element mining. American investment bank Goldman Sachs said in July this year that Western countries need to invest at least $25 billion in such projects to catch up with China.