Zheng Jingping Oil Quotations

The current oil price couldn't represents the relations between supply and demand, ... speculation has played a more important role in the increase of oil prices.

The oil price increase surely will have impact on China's economy as 40 percent of oil consumed in the country is imported, ... especially on some sectors, like agricultural means of production, oil refinery and public transport. But the impact is limited.

China's overall crude oil consumption is about 8% or 9% of world consumption and per capita consumption is a little less. So we are affected (by high prices) but the degree that we are affected is limited.

China imports about 40% of its oil so of course we are affected, especially the industries that are high consumers of oil or that process oil products.

China has measures to limit the effects of rising crude oil prices.