Spending on exploration increased in 2023, with a focus on oil and gas.
China invested around $15 billion in the search for natural resources last year. According to China Daily, this was eight percent more than in the previous year. The newspaper quotes the Chinese Ministry of Natural Resources, saying that oil and gas exploration accounted for the largest share, making up more than 80 percent of the budget. However, deposits of iron ore and rare earths were also discovered during the exploration work. Despite its own market power in many raw materials, China is “highly dependent on some imported mineral resources,” said the responsible minister Wang Guanghua in January last year. Precautions must, therefore, be taken. The Global Times sees international efforts to secure the supply of critical resources as a threat to competition. China’s efforts to increase its exploration and production capacities are correspondingly urgent. This is also being achieved through the integration of artificial intelligence (we reported).
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