Global economist Steve Hanke revealed, on Saturday, the secret of China’s superiority over the rest of the world in the field of electric cars, and Hanke attributed the reason to Beijing’s wealth of rare minerals.
“China accounts for 58 percent of all electric vehicle sales worldwide, due to the fact that it owns about 90 percent of all rare earth minerals,” the senior lecturer at Johns Hopkins University said in a tweet.
“When it comes to minerals vital to the electric vehicle revolution, China holds all the cards in its hand,” Hanke added.
In another tweet, Hanke revealed the change in the attitude of European countries towards China, explaining, “The latest results revealed that most Europeans view China” as a vital partner “and not as a competitor.”
“Every day, Europeans discover that imposing sanctions on China has only led to higher prices and increased dangerous tensions,” the economist added.
Hanke continued to shed light on China, and compared this time between trade exchange between China and the Middle East region on the one hand, and trade exchange between the United States and Middle Eastern countries on the other hand.
“From 2000 to 2021, trade between China and the Middle East increased from $15.2 billion to $284.3 billion,” the economist said.
Hankey added, “During the same period, trade between America and the Middle East grew by about $35 billion, with China advancing, leaving the United States at the back of the ranks.”
The economist stressed that “the deterioration of the American performance came as a result of its interventions, the wars it waged, and the sanctions it imposed.”
2023-06-10 23:22:18
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