Zhang Guobao, vice chairman of China's National Development and Reform Commission, said in his speech in an afternoon session on energy security that to safeguard the global oil market and resolve the issue of surging and fluctuating oil prices, major countries have to boost investment into oil exploitation, preserve world political stability and minimize geopolitical impacts on oil markets.
Zhang accentuated the necessity to analyze the relationship between oil prices and the global financial market. He urged for improving the institution of the international energy market and checking speculation by flowing capital.
China has adopted an active attitude toward adjusting and optimizing the industrial structure, and has been pushing forward the energy efficiency in an all-around manner by eliminating outdated productivity, Zhang said, adding that the proportion of atomic energy, wind power, solar energy and biofuel energy has significantly increased in China during the past several years.
At the joint press conference, Japanese Economy, Trade and Industry Minister Akira Amari said the current "abnormally high" oil price damages interests of both the producing and the consuming nations.
U.S. Energy Secretary Samuel Bodman said the rise of crude oil price, which doubled in the past 18 months, was an accumulated consequence since the international community had not paid enough attention to the market in the past 30 years. He pointed out that although little could be done to change the market trend in the short term, the improvement of energy efficiency could help mitigate the impact of high oil prices on economies.
