Not the poor countries that China supposedly "owns". Countries like Pakistan can't even keep the lights on. Why would they care about rare earth magnets? China provides gifts and in exchange Pakistan provides a pinky promise that will disappear as soon as the checks stop. They can't control their borders much less their crazies. And those crazies will terrorize any Chinese that try to start shit and will make it impossible to reliably take advantage of any infrastructure that China may want to use.