China vulnerable to soaring oil price

China’s economy turns out to be vulnerable in dealing with challenges posed by soaring international oil price fluctuating around 60 US dollars per barrel.

According to Zhang Guobao, vice minister of the National Development and Reform Commission, the best ways to cope are by improving energy efficiency and developing alternative energy resources.

China consumed much more energy resources than Japan in producing one unit of GDP.

Experts estimate that if it could use energy as efficiently as Japan, China would not have to increase its energy demand in the next 60 years.

China View