Latest News:  


Chinese crude imports rise 6.8 pct in 2012


08:22, January 14, 2013

BEIJING, Jan. 13 (Xinhua) -- China, the world's second-largest oil consumer, imported 271 million tonnes of crude oil last year, a rise of 6.8 percent year on year, as demand remained high despite an economic slowdown, data from the General Administration of Customs showed.

The value of the imports jumped 12.1 percent year on year to 220.67 billion U.S. dollars last year due to surging prices, according to the data.

Analysts have predicted a higher reliance on imported oil in the years to come, as China is still in a phase of rapid urbanization and industrialization.

Crude imports are likely to reach around 285 million tonnes in 2013, with the country's crude import dependence rate exceeding 60 percent, said Cheng Ruifeng, an analyst at

Two-thirds of China's oil demand will depend on the overseas market by 2020, according to Zhong Ren, assistant to the president of oil giant Sinopec Group.

With global monetary easing sparking investors' purchasing demand, crude prices are expected to go up further in 2013, which will boost domestic inflation and push up costs for Chinese importers, analysts said.

We recommend:

BJ-GZ HS to add 30b yuan to GDP annually

Great changes in Zhengzhou railway station

Wanda Group ventures onto the global stage

Sports car makers look to mainland market

Top Ten Economic Events in 2012

'Gold road' laid with gold bars


Leave your comment0 comments

  1. Name


Selections for you

  1. Weekly review of military photos

  2. Defense minister vows to boost cooperation with Macedonia

  3. Parade of 1,000 Polleras held

  4. Life is an education

  5. Smoggy weather engulfs large areas

  6. Some 3,000 job vacancies provided

  7. Demand for gold rises

  8. Jay Chou promotes new album

  9. Lang Lang performs New Year Concert

  10. Look at these naughty kids

Most Popular


  1. Drinking water safety is not a simple problem
  2. Japan's envisaged 'warning shots' dangerous
  3. When Chinese wives meet American mothers-in-law
  4. Will you leave a city because of cold?
  5. Labor system reform renders salute to Constitution
  6. China's yuan unlikely to appreciate sharply in 2013
  7. Good times gone?
  8. Salaries stifled amid sluggish exports
  9. China to surpass U.S. by 2049: report
  10. Proposed Beijing law seeks data on charities

What’s happening in China

China issues yellow fog alert

  1. Beijing air pollution reaches dangerous levels
  2. 5 dead, 19 injured in SW China coach accident
  3. Survey finds that many Chinese mistrust others
  4. Earthquakes blamed for fatal SW China landslide
  5. Heavy fog hits China's Changchun