You are herecontent / TomDispatch: China's Global Shopping Spree: Is the World's Future Resource Map Tilting East?
TomDispatch: China's Global Shopping Spree: Is the World's Future Resource Map Tilting East?
From TomDispatch this morning: An unprecedented picture of China on one of history's great spending binges in search of access to, and control over, the world's key future energy and other resources -- "China's Global Shopping Spree: Is the World's Future Resource Map Tilting East?"
"Think of it as a tale of two countries," begins energy expert and author of Rising Powers, Shrinking Planet Michael Klare. "When it comes to procuring the resources that make industrial societies run, China is now the shopaholic of planet Earth, while the United States is staying at home. Hard-hit by the global recession, the United States has experienced a marked decline in the consumption of oil and other key industrial materials. Not so China. With the recession’s crippling effects expected to linger in the U.S. for many years, analysts foresee a slow recovery when it comes to resource consumption. Not so China."
TomDispatch regular Klare offers a picture of state-owned or state-backed Chinese companies ranging the world gobbling up the key future energy and other resources crucial to an industrial society, and at recession-induced bargain-basement prices. Backed with endless streams of cash, these companies are, in the field of oil alone, making deals from Kazakhistan in Central Asia to Ecuador in Latin America, Iraq to Venezuela, Burma to the African country of Guinea.
It's a remarkable, even shopaholic burst of buying of a sort we haven't seen in our lifetimes. As Klare concludes in this must-read piece: "Perhaps more than any other recent developments, China’s global shopping spree reveals how the world’s balance of power is shifting from West to East." Read it now.