《华尔街日报》：中国不只稀土，还有三把刀悬在美国脖子上

Group 1 - The core point of the article highlights that the U.S. has been focused on China's rare earths but has overlooked the greater threat posed by China's dominance in lithium batteries, mature process chips, and pharmaceutical raw materials [1] Group 2 - In the lithium battery sector, China has established a near monopoly over the entire supply chain, with major companies like CATL and BYD leading the market [2][5] - By 2025, three out of the top five battery manufacturers globally will be Chinese, with China producing 79% of cathode materials, 92% of anode materials, 98% of refined graphite, 80% of refined cobalt, and 63% of lithium chemical products [5] - This dominance is attributed to strategic government policies since 2015, including substantial subsidies and requirements for local automakers to use domestic batteries [6] Group 3 - In the mature chip sector, China controls about one-third of the global production capacity for chips above 28 nanometers, which are critical for automotive, home appliances, and defense equipment [7][8] - China also holds 99% of the global gallium supply and a significant portion of germanium, with recent export licensing requirements impacting U.S. companies [8] Group 4 - The pharmaceutical sector is heavily reliant on Chinese raw materials, with over 80% of active pharmaceutical ingredients in common medications like Tylenol and Advil imported from China [9] - This creates a hidden supply chain dependency between China, India, and the U.S., where American consumers are largely unaware of their reliance on Chinese pharmaceutical inputs [9][13]