China's crude oil imports are expected to surge this year and exports will fall year-on-year as a result of market demand and trade policy adjustments, a leading industry analyst said yesterday. "Increased crude imports and decreased exports are results of accelerating local economic growth and higher dependence on import energy," explained Gong Jinshuang, a senior analyst at the Economic and Technology Research Institute of China National Petroleum Corp (CNPC).
'Trade policies discouraging oil products and crude oil exports are also crucial reasons behind the phenomenon," added Gong.
He estimated that this year's crude imports will stand at 144 million tons, a rise of more than 10 per cent year-on-year. Exports of crude oil for this year are expected to be 5.8 million tons. Meanwhile, a report from the Ministry of Commerce said that China's 2006 crude imports will total 140 million tons, with exports standing at 7.4 million tons.
Liang Shuhe, a senior official from the ministry, told Xinhua News Agency that robust gross domestic product (GDP) growth had forced China to depend more on imports because of limited domestic production.
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http://www.chinadaily.com.cn/bizchina/2006-12/28/content_769649.htm