China is diversifying its supply of critical natural resources, enable it to weaponize trade.

#Australia #Beijing #DaryMorey

According to a newly published report by risk consultancy Verisk Maplecroft, China is diversifying its supply of critical natural resources, this is a move that will shore up Beijing’s ability to weaponize trade against its geopolitical rivals. China is a large consumer of major commodities including crude oil and iron ore. But the country relies heavily on imports to meet its domestic demand for those commodities. One way China is diversifying its import sources is by buying stakes in overseas companies, said Verisk Maplecroft. Doing that will increase the proportion of Chinese-owned resources in the country’s total imports, the report said.

As an example, the consultancy said the number of Chinese-owned base metals and gold companies in Oceania rose from zero in the year two thousand (2000) to 59 last year. It represented around twenty two point six percent (22.6%) of total foreign ownership in such companies, the report showed. Oceania is a region that includes Australia, Papua New Guinea, New Zealand, Fiji and numerous island nations.

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