China in Global Mining Industry

Abstract

As the second largest economy in the world, China plays an important role in the global mineral resources sector. China's mineral resources are vast and different, and the country is now the world's leading producer of a number of important metals and minerals. Mining has been key factor in China's economic growth and has contributed to the country's rapid development over the past three decades. The industry has played an important role in the country's industrialization process, providing raw materials for the growing demand for resources. China has actively pursued overseas projects with government support, encouraging companies to expand their operations abroad. China is now playing an increasingly important role in the global mining industry, investing in mineral deposits in many countries around the world. With more and more international mergers and acquisitions, Chinese companies have begun to apply Western technologies and management to their domestic and overseas exploration and mining projects more consistently. China’s industrial sector accounts for about 40% of the gross domestic product, which is significantly higher than the percentage for other major economies in the world. The large and growing industrial base is helping keep downstream demand strong and supporting the mineral industry’s move to expand. It also contributes to increased foreign capital investment, exports, and employment, all of which are the key factors in socioeconomic development. In other words, the mineral industry primary purpose is to offer energy resources, metallic materials, and non-metallic minerals for the development of other industries, and extensive and multi-level direct and indirect links with other industries in the country. China's mining industry has also become a crucial factor in the development of the global economy, as using innovative technologies the country effectively mines minerals such as tantalum, niobium, lithium, rare earth elements, scandium, germanium, gallium, indium, rhenium, tellurium and arsenic, which are scarce in the USA, Europe and other Western countries.