China largely relies on its oil stockpiles amid global supply crunch
While elevated oil prices continue to rock the global economy, China has largely weathered the uncertainty with increased self-sufficiency. Chinese analysts suggest the world's second-largest economy imports just 15% of its energy needs. Beijing has relied on a vast stockpile of oil to tide it through the supply crunch. Its industrial sector is also mostly run on domestic energy, with a fleet of cars increasingly powered by electricity. One analyst CNA spoke to says China’s growing energy self-sufficiency has a compounding effect on global economic costs.
While elevated oil prices continue to rock the global economy, China has largely weathered the uncertainty with increased self-sufficiency. Chinese analysts suggest the world's second-largest economy imports just 15% of its energy needs. Beijing has relied on a vast stockpile of oil to tide it through the supply crunch. Its industrial sector is also mostly run on domestic energy, with a fleet of cars increasingly powered by electricity. One analyst CNA spoke to says China’s growing energy self-sufficiency has a compounding effect on global economic costs.
Popular Shows
