And Stalk points out that air freight, thought to save the day for lightweight or high-value goods, is facing its own overload from unbuilt runways and a scarcity of planes.

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Controlling the supply of rare earths means that China can also control their processing and use in finished goods, which would fit a broader effort to drive its manufacturers from low- to high-value goods.

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Many high-value goods already carry them.

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Wall Street seemed to be reacting to news of new stimulus measures from China, whose growing economy had been sucking in raw materials and high-value-added manufactured goods from around the world in recent years.

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But still, globalism would have a different feel if the U.S. were at the receiving end of high-value-added goods.

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Impressive growth in air freight is largely a result of growing demand for transportation for high-value and perishable consumer goods.

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Some startups have had success in high-value niches like high-end sporting goods, food-related products and music equipment and instruments.

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Meanwhile, China is moving up the value chain into high-tech capital goods and is poised to account for about a third of global manufacturing of advanced machinery and equipment within a decade, from about 8% today, Mr. Zhu said.

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That said, the 2% by volume that goes by air accounts for around 35% of the value: light, expensive goods such as high-end electronic components tend to be flown.

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