China's Ministry of Land and Resources recently announced plans to establish a strategic reserve of key minerals, including uranium, copper, and aluminum, in response to rising demand and the need to prevent supply shortages. As the world's largest consumer of steel, copper, and aluminum, China is taking proactive steps to secure its resource future, especially as urbanization and industrialization continue to drive demand.
For example, the consumption of electrolytic aluminum is expected to rise significantly in the coming years. According to recent estimates, construction-related aluminum use could increase by 8% to 15% between 2005 and 2007, reaching 2.43 million tons, 2.72 million tons, and 2.94 million tons respectively. China is currently the second-largest consumer of primary aluminum globally, after the United States, highlighting the critical importance of these resources for its economic development.
In the first quarter of this year, China’s economy grew by 10.2% compared to the same period last year, making it the fastest-growing major economy worldwide. With the country entering a new phase of industrialization, securing access to essential raw materials has become a top priority to maintain steady growth and economic stability.
In addition to mineral reserves, China has also announced plans to build strategic oil reserves this year. The government is encouraging major players like China Aluminum Corporation, the world's second-largest aluminum producer, to explore overseas resources to meet domestic needs. This strategy reflects a broader effort to diversify supply sources and reduce dependency on foreign markets.
As part of the "Eleventh Five-Year Plan," the government will work to expand ore reserves through increased domestic exploration. By 2010, the goal is to boost iron ore reserves by 5 billion tons, copper by 20 million tons, and bauxite by 200 million tons. Meanwhile, the State-owned Assets Supervision and Administration Commission is also planning to add between 4.5 billion and 5 billion tons of oil reserves and 100 billion tons of coal resources. These efforts underscore China's long-term commitment to ensuring energy and material security for its growing economy.
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