China does have the largest reserves; however, the definition of reserve involves what is economically viable. Because labor and other mining costs are substantially lower in China, larger reserves do not equate to greater quantities of materials or more of a particular grade of ore.
As for other natural resources, China ranks low on coal and oil and middling in iron ore reserves. Overall, I'd say they aren't as well off as the US in spite of the higher extraction costs in the US.
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