In the year 2010, barely two years after Apple produced the first smartphone, China doubled the price of 17 rare earth metals. These difficult to mine materials are considered critical to modern day electronics. Be it mobile phones, solar batteries, semiconductors, electromagnets, aerospace or defence industry, these rare earths are the backbone of the technology hardware world. Incidentally, 95 per cent of the world’s rare earth is controlled by China. It did not happen by chance, but by design. The post Mao Chinese economic revival was shaped by party strongman Deng Xiao Ping after 1978. It ensured an annual GDP growth of 9.5 per cent for more than two decades, peaking to over 15 per cent in 1984.
How China established lead in green technology