Despite its progress, China certainly has great potential weaknesses: a poor rural population and ethnic tensions, to name but two. It is also the world's greatest polluter. But its public infrastructure programme dwarfs anything in the West. In that sense especially, its centralised and authoritarian system is a source of strength, enabling decisions to be taken and vital projects to be launched without the delays that often hold up such investment elsewhere.
China now consumes around 40 per cent of the world's aluminium compared with only 2 per cent in 1970. Its appetite for natural resources is highlighted by the recent passage of laws banning the export of metals used in the manufacture of fuel cells for hybrid vehicles. The government has also amassed the world's largest reserves of several precious metals ? including indium, used in touchscreens ? driving up prices and provoking fears of shortages.
And finally... Just how bad is China's pollution?
China, the world's biggest producer of greenhouse gases, has set an ambitious target to cut its carbon footprint, and pollution has improved in recent years. It is still bad ? there are days when you would avoid going out if you could. But it leads the world in manufacturing sustainable energy products, so perhaps there is hope.
SDV Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
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