US State Dep. warns against new era of dependence on Chinese minerals
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Assistant Secretary of State for Energy Resources Geoffrey Pyatt shed light on the "critical importance of continuing to work on the diversification of energy supplies."
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A man runs past construction cranes near the central business district in Beijing, on Tuesday, April 16, 2024 (AP)
The US State Department said today that it is critically important not to replace the era of dependence on Russian fossil fuels with one on the Chinese critical minerals.
At a conference hosted by CSIS, Assistant Secretary of State for Energy Resources Geoffrey Pyatt shed light on the "critical importance of continuing to work on the diversification of energy supplies" emphasizing that "in particular, we need to make sure that we don't replace an era of dependence on Russian fossil fuels with dependence on critical minerals and critical mineral processing in the People's Republic of China."
Pyatt claimed that China has an "overwhelming monopoly" over solar energy supply chains stressing that the US should stop this from happening in emerging energy sectors like clean hydrogen, wind power, and electric vehicles.
He moved on to label the EU as "an essential partner in this effort," as European countries are also aiming for a clean energy transition with billions of dollars of investment flowing both ways across the Atlantic.
China exceeds Q1 GDP expectations amid growth
China's economy surpassed expectations in the first quarter of 2024, an analysis by AFP revealed on April 16, as data from the National Bureau of Statistics showed that for the first three months of the year, GDP rose 5.3%, compared with 5.2 in the previous quarter.
"The national economy continued the good momentum of a rebound," the NBS said, calling it a "good start".
Dan Wang, chief economist at Hang Seng Bank China, told AFP: "Consumption and housing investment (were) the main drag, while manufacturing and infrastructure were the main engines."
It reflects "the fundamental policy shift from a focus on (the) consumer market and service sector to... industrial growth".
A report by a multinational think tank, including scholars from the US, Russia, Canada, India, and China, forecasts that China's GDP will likely surpass that of the US around 2035, making it the world's largest economy. The report suggests that China's robust growth will drive the global economy forward.
