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Macro & Geopolitics · 2026年9月21日 · V-G Club Curator

The Tungsten Leak: Strategic Metals, Shadow Supply Chains, and the Erosion of Industrial Oversight

An investigation into the corruption probe of ZGCC’s former chairman reveals a sophisticated 'black industry' for tungsten scrap. As China tightens export controls on strategic minerals, the leakage of industrial byproducts into global defense supply chains highlights a critical vulnerability in state-owned enterprise governance.