China has been a major consumer of raw materials during the past two decades as its population kept growing bigger and richer while companies processed more dairy, grain, meat, energy resources, minerals and metals.
In the recent years, however, while the country is shifting away from resource-intensive industries, Beijing has been rapidly stockpiling crucial materials in a manner that is beginning to draw "global attention," The Economist said in a new feature.
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The world’s largest economy, which suffered from political mismanagement and property crises, has been amassing huge reserves of commodities. This is done at great costs - commodities are expensive now, the country experiences economic downturn and internal consumption needs are fully met.
Among the materials are stocks of fuel, including crude oil and natural gas, valuable manufacturing metals like copper, iron ore and cobalt, as well as precious metals like gold, according to the Newsweek.
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State companies were asked to add nearly 60 million barrels of crude oil alone, and the agricultural stockpilelr Sinograin was told to increase its grain imports, the Channel News Asia claims.