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Home >> Business
UPDATED: 08:18, July 28, 2005
China endeavors to reduce dependency on overseas resources
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China, a country suffering more and more blame for its surging demand for energy resources, is launching an unprecedented large-scale move to increase energy efficiency around the country.

In recent months, a storm of building a more energy-efficient society swept the from the central government to individuals.

At the 23th collective study of members of the Political Bureauof the Communist Party of China (CPC) Central Committee held last month, international energy, the resource situation and China's energy and resources strategy were earnestly discussed by top leaders of the country.

Soon after Premier Wen Jiabao made remarks at a video-phone meeting on recent major works of building more a energy-efficient society on June 30, a notice was issued by the State Council demanding to do well those works around the country.

"It shows China's decision to avoid a road featured by large investment, much energy consumption and serious pollution which many developed countries had taken during their industrialization process," said Zhang Yansheng, director of research institute of foreign economy of the National Development and Reform Commission.

"A completely new economic growth mode, that is a mode of high-efficient use of energy, soil and other resources has been taken by the country as the only rational road in designing its development," said Zhang.

China's booming economy is accompanied by highly dependency on large consumption of energy and other resources.

According to statistics, China produced a four percent of the world GDP by consuming 31 percent of world coal, 29 percent of world steel, eight percent of world crude oil and 45 percent of world cement in 2004.

China imported 122.72 million tons of crude in 2004 and became the second largest oil consumer in the world. It's dependency on imported crude oil has risen to over 40 percent while the overall dependency on imported energy resources was six percent in 2004.

China is also the largest importer of copper and manganese. As a result, China saw a trade deficit in primary goods of 76.7 billion US dollars in 2004.

Wen pointed out that too much dependency on imported resources will not only consume large sum of capital but also worsen supply and demand conditions in the international market, and therefore bring about a series of problems in economics, politics or foreign relationships.

"To speed up building a more energy-efficient society and to control and reduce China's dependency on overseas energy resources is of great significance to ensure China's economic security and further the country's security," said Wen.

Last month, China National Offshore Oil Company's bid for U.S. based-Unocal aroused unexpected political storm in the U.S.

While Chinese steel enterprises had to accept a 71.5 percent rise in the iron ore price this spring.

Some Western media even said that China's economic growth will eat up world petroleum and raw materials.

"It is a misleading argument," said Zhang Yansheng.

With China's industrialization and globalization, many developed countries have transferred their high-energy consumption industries to China, acknowledged Zhang.

"That's why China became a country importing the most energy resources and raw materials, exporting the most primary goods, while suffering the most blame," he said.

As a country boasting a population of 1.3 billion, China's industrialization is due to suffer restrictions from both resources and the environment under the current world resource supply and consumption structure, added Zhang.

"An energy-efficient economic mode of higher economic profits and less resource consuming and pollution is the only choice for China," he said.

As a country endeavoring to peacefully develop, the move to build a more energy-efficient society is also China's contributionto the world, said Zhang.

By reducing its own demand, the expert noted, China will contribute to stabilize the price of resources in the international market and help reduce the development cost of othercountries.

The Chinese government has issued a series of policies to reduce its dependency on imported energy and other resources, including that in industry, foreign trade and foreign investment.

Restraining the sharp rise of resource goods exports and high energy-consumption and pollution are more such measures.

Source: Xinhua

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