China could move to re-invest in its mining industry to secure its resource base in the post-covid-19 world, according to a new report from Fitch Solutions.
The pandemic shed light on supply chain weaknesses in general and on international dependence for strategic products. The issue is even more crucial in China, where the metals industry is largely reliant on ore imports.
Fitch says China could revise its 13th Five-Year Plan enacted in 2016, which implemented a strategy of consolidating its primary industries, including mining and moving up the value chain towards smelting of metals.
In late May, China’s steel association and major steelmakers called for an increase in domestic iron ore production as well as greater investment in exploration overseas to ensure supplies.
“Post-covid-19 we believe China could move to re-invest in its mining industry to secure its resource base.
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