China is massively stockpiling all sorts of “real” goods. From Eamon McKinney at strategic-culture.org:
In a world of chronic shortages China has realised that commodities hold more value than cash.
The current trade war with China began at the very outset of the Trump administration. Apparently alarmed at America’s dependence on Chinese goods, particularly the extent to which its defence industries are reliant on Chinese components and rare earths, Trump had a point but may have better served to speak softly about this vulnerability. He mentioned only two dependencies, there are thousands of products that America relies on China exclusively for.
In moves that were simply anti-competitive practices he then launched in a “tech war” with China. Banning the sale of chips and semi-conductors, along with bans on Chinese 5G and Huawei the global leader in particular. Not content with that the U.S. launched a global push to pressure its “allies’ to also ban Huawei and its state of the art 5G technology. Not to be taken in isolation, the tech war was just part of an overall strategy to damage and restrain China’s economy. “Decoupling” had arrived into the general lexicon.
To an extent the measures worked, the chip shortage caused a slowdown among many tech dependent sectors, but not for long. China has developed its domestic production at a pace not possible anywhere else. It has also convinced China that it needed to greatly accelerate its self-sufficiency across all sectors.