>China has gone all-in on EVs because over the years they smartly built up the world's best rare earth refining capabilities

If by that you mean they propped up their industry and undercut everyone else until they went out of business, then increased prices to a point just below where it would be profitable for someone else to try again?

Then use their monopoly position to further their interests in other sectors?

Edit: Which I may note is probably the same strategy being applied here as well.