Monday, July 15, 2024

Steve Hanke reveals the secret to China’s dominance in the electric car industry

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Global economist Steve Hanke on Saturday revealed the secret of China’s superiority over the rest of the world in the field of electric cars, and Hanke attributed it to Beijing’s wealth of rare minerals.

“China accounts for 58 percent of all electric vehicle sales worldwide because it has 90 percent of rare earth minerals,” the senior lecturer at Johns Hopkins University said in a tweet.

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“When it comes to minerals critical to the electric vehicle revolution, China holds all the cards in its hand,” Hanke added.

In another tweet, Hanke revealed a shift in European countries’ attitudes toward China, explaining that “recent results show that most Europeans no longer see China” as an important partner “as a competitor.”

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“Every day, the Europeans impose economic sanctions on China, leading to higher prices and dangerous tensions,” the economist added.

Hanke continued to shed light on China, comparing this time between trade between China and the Middle East region on the one hand, and trade between the United States and the Middle East on the other.

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“From 2000 to 2021, trade between China and the Middle East will increase from $15.2 billion to $284.3 billion,” the economist said.

Hankey added, “During the same period, trade between the United States and the Middle East grew by about $35 billion, with China moving ahead, leaving the United States behind in the rankings.”

“The decline in US performance came as a result of its interventions, the wars it waged and the sanctions it imposed,” the economist asserted.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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