`Oil prices hitting Asian economies`

China today said the rising international oil prices had slowed down consumption, particularly in Asia where the most rapid economic development in the world was taking place.

Addressing the Asian Oil ministers’ round table, China’s ambassador (external and plenipotentiary) Sun Yuxi said the Chinese government had been continuously opening up the oil industry, especially after its accession to the World Trade Organisation in 2003. China had drawn a medium- and long-term plan to achieve the goal of quadrupling its gross domestic product by 2020.

Business Standard