The impact of China’s clean energy market on the market connectivity of rare earth industrial chain
Fig 5
Time-varying net connectivity of various products within China’s rare earth industry chain.
Note: This multi-panel figure displays net spillover indices (in percentage terms) for key rare earth products (e.g., PNO, DO, NM, Nd-Fe-B) over February 2015 to August 2023. Each panel’s y-axis shows net connectivity (%), with x-axis as monthly time series labeled by year. Positive values indicate net transmitters, negative as receivers. Shaded regions mark significance, emphasizing shifts like NFB’s consistent transmitter role.