Those other reasons were important, but China has a history of investing in industrial resources way before they’re expected to be profitable, and often at greater scale than the market would dictate. 1980s China didn’t expect Rare Earth minerals to turn a profit, but they understood that cheap Gallium for example meant LCD manufacturers would be more competitive/productive.
When China started investing in solar panels 15 years ago, the price per PV was 5x more than it is now.
Those other reasons were important, but China has a history of investing in industrial resources way before they’re expected to be profitable, and often at greater scale than the market would dictate. 1980s China didn’t expect Rare Earth minerals to turn a profit, but they understood that cheap Gallium for example meant LCD manufacturers would be more competitive/productive.
When China started investing in solar panels 15 years ago, the price per PV was 5x more than it is now.