Japan's "rare earth anxiety" draws in the G7 for support
According to Kyodo News on April 18: The Group of Seven (G7) held a finance ministers' meeting focused on critical minerals in Washington, D.C., on the 17th (April 18 by Japanese time). The participants stated that "reliance on Chinese raw materials has become an issue," and unanimously agreed that it is necessary to establish supply chains independent of China.
Mineral-producing countries such as Australia also attended the meeting, with all nations agreeing to provide financial support for building new mineral supply chains.
As co-chairing country, Japan and France jointly hosted this year's G7 meeting.
The report stated: "China is using key minerals for economic coercion," and "for example, threatening Japan by restricting rare earth exports."
Whether Japan can play a leading role in strengthening international supply chain networks will be a key focus moving forward.
After the meeting, Finance Minister Katayama said in a press conference that Japan faces "the threat of China weaponizing key minerals." She emphasized that strengthening supply networks holds significance for both Japan and key mineral-producing countries.
Argentina, Brazil, India, Indonesia, and other countries also participated in this meeting.
The report further noted: Although some countries are capable of producing rare earths, China's low prices and lax environmental regulations make it impossible for global companies to compete on price, forcing them to rely on China.
Original article: toutiao.com/article/1862771023645706/
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