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Cake day: July 1st, 2023

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  • That’s quite a fantasy you’re telling yourself. A huge portion of China’s people’s wealth is wrapped up in real estate, and tens of millions of stalled residential units have already been purchased by the Chinese people, and that money is now gone, taken by the developers.

    The IMF recommendation here was “to deploy ‘one-off’ fiscal resources to complete and deliver pre-sold properties or compensate homebuyers.” That would literally be rescuing the Chinese people who were burned by developers. Instead, the Chinese government is supporting the tech and manufacturing industries. Don’t pretend like China is some paradise where the common people aren’t getting fucked









  • Cutting the mining and refining of rare earth oxides, aka the production of rare earth metals. That’s what this conversation is about…

    Xinhua reports (Google translation) that the state will implement a unified plan for the development of the rare earth industry. The aim is to encourage and support the research and development of new technologies, processes, products, and new materials and equipment, it says.

    Regulations will be implemented to control the total amount of rare earth mining and smelting. Additionally, Beijing intends to introduce a product traceability system to “strictly manage circulation” of rare earths.

    According to Nikkei Asia, underground resources in China already belong to the state, but illegal mining and smelting of rare earth elements is known to happen in the private sector, and it seems that Beijing is keen to tighten its control over them.

    It’s in every article about this. The price of rare earth ore in China has dropped precipitously, almost 80% since 2022. China is going to punish unauthorized mining and smelting activity and limit production among authorized producers.

    Here’s one article, use your favorite search engine to find a bunch more