Expanding imports benefits China's energy development, enabling a "multi-pronged approach."
Release date:
2018-06-06
In recent years, China's demand for energy imports has continued to grow steadily, firmly positioning the country among the world's leading crude oil importers. According to data from China's National Bureau of Statistics, in April of this year, China's crude oil imports reached 39.46 million tons, representing a year-on-year increase of 14.7%. This growth rate was 14.1 percentage points faster than the previous month. Meanwhile, the average daily import volume surged to 1.315 million tons, hitting yet another all-time high.
One major reason for China's steadily rising crude oil imports is the continuous improvement in people's living standards, leading to increased consumption of petroleum products. For instance, many textiles, cosmetics, and even some construction materials used in housing are derived from petrochemicals. Additionally, China has become a global leader in both automobile production and sales, making the demand for automotive fuel—naturally dependent on oil—particularly significant.
Meanwhile, China is actively promoting a transformation in its energy consumption structure. According to official plans, by 2020, the share of non-fossil fuels in China's primary energy consumption is expected to rise to around 15%, with an ambitious goal of reaching 20% by 2030—thus placing significant demands on energy diversification.
According to data from the National Bureau of Statistics, China imported 6.82 million tons of natural gas in April, a significant increase of 34.2% year-on-year. Notably, natural gas imports have maintained rapid growth of more than 30% for seven consecutive months.
Wang Zhongying, Deputy Director of the Energy Research Institute at the China Academy of Macroeconomic Research, told a reporter from China News Service that China currently has a significant demand for oil and gas resources, particularly natural gas, which is expected to surge even more sharply in the future. Increasing imports will effectively help meet people's livelihood-related needs. Meanwhile, boosting natural gas consumption while reducing coal usage will also accelerate the much-needed shift in China's energy structure.
In addition, expanding imports will also help further enhance China's energy supply security.
"For a country that heavily relies on energy imports, energy supply security means being able to secure overseas energy sources in the long term—stably, at low cost—and diversifying those sources," said Zhang Liaoli, a senior engineer at China Petrochemical Corporation's Petroleum Exploration & Development Research Institute.
Currently, China's crude oil imports primarily come from regions such as the Middle East and West Africa, while its natural gas import sources are also highly concentrated, inevitably creating the risk of "putting all your eggs in one basket."
According to Zhou Dadi, a researcher at the Energy Research Institute of the National Development and Reform Commission, crude oil imports should strategically diversify into "multiple legs," opening up new transportation routes from North America and Latin America to ensure China's diversified crude oil supply.
Notably, energy has also become a key topic in the recent economic and trade talks between China and the United States. In their joint statement, both sides agreed to meaningfully increase U.S. energy exports.
In fact, China and the U.S. have already achieved certain successes in energy cooperation. During U.S. President Trump's visit to China last year, the two sides signed record-breaking economic and trade deals worth over $250 billion, with several of these projects specifically involving the energy sector. Industry experts believe that the U.S.'s robust oil and gas supply capabilities, driven by its shale gas revolution, can effectively meet China's growing energy needs. Meanwhile, China's massive energy-import market will also provide long-term benefits for U.S. companies.
Zhou Dadi analyzed that the continuous advancement of international cooperation in the energy sector will bring tangible and measurable benefits to all parties involved, both Chinese and foreign. "For many countries, China will remain a stable, strategic, and long-term viable market for at least several decades. The expansion of the Chinese market is undoubtedly good news for these suppliers."
So, does expanding energy imports affect the production and development prospects of China's domestic related industries?
Ha Jiming, a senior researcher at the China Finance Forty Forum, believes that currently, many consumer demands in China cannot be fully met by the quantity, quality, or variety of domestically produced goods. "Increasing imports of these products will not negatively impact domestic production; on the contrary, it will encourage and motivate Chinese enterprises to optimize their production structures, enhance product quality, and better compete in the market."
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