At a time when the Middle East is ablaze and all eyes are on Israel, Gaza, Lebanon and Iran, many media outlets are once again warning of China’s major strategy of stockpiling resources, which it has been pursuing for several years now. While it is difficult to access official data, especially as the publication of statistics on stocks of several commodities was recently suspended by the government, the signals on the grain, oil, cobalt, iron and copper markets are accumulating.
According to Channel News Asia, the Chinese government is reported to have asked its oil companies to add eight million tonnes of unrefined oil to national security reserves in 2024, while state-owned Sinograin announced earlier this summer that it was increasing its purchases of wheat to fill its silos. According to the US Department of Agriculture, China’s wheat and maize reserves could account for 51% and 67% of global
