Analyze the dominance of China in the hi-tech industry. What scarce resource is extracted from the Earth to support this dominance?
oil
water
rare earth elements
priceless gems
The dominance of China in the hi-tech industry is primarily due to its technological advancements, vast manufacturing capabilities, and a large pool of skilled labor. China has been steadily leading in various technology sectors, including telecommunications, e-commerce, artificial intelligence, and renewable energy.
One scarce resource that is extracted from the Earth to support China's dominance in the hi-tech industry is rare earth elements (REEs). Rare earth elements are a group of 17 chemically similar elements with unique magnetic, luminescent, and electrochemical properties. These elements are essential components in the production of various hi-tech products, such as smartphones, electric vehicle batteries, wind turbines, and advanced weaponry systems.
China has a significant advantage in the production of rare earth elements, accounting for the largest share (~80-90%) of global REE production. The country's dominance in this market can be attributed to its abundant REE reserves and relatively low production costs. By controlling the extraction and supply of rare earth elements, China has a strong grip on the global hi-tech industry.
It is important to note that while rare earth elements are a scarce resource, other resources such as oil, water, and priceless gems also play crucial roles in various industries and economies. However, in the context of China's dominance in the hi-tech industry, rare earth elements stand out as a particularly notable scarce resource.