The oil price hike also imposes burdens on China's individual consumers, because more families are buying autos, he said. In 1999, a hundred families in China only owned 0.34 cars on average, but in 2004, the figure rose to 2.2 cars.
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2005 Oil Price Will Cost China $15bn
If the international oil price rises 15 US dollars per barrel this year
If the international oil price rises 15 US dollars per barrel this year, then China will have to pay an additional $15 billion for buying oil, Niu Li, an economist with the State Information Center (SIC) said Wednesday.
China has the world's biggest trade deficit in oil import and export, so the soaring oil price this year has remarkably increased China's international payment, Niu said.
He estimated that China would import a total of 1 billion barrels of crude oil this year, saying the 15-dollar-per-barrel rise would cost the country another 15 billion US dollars.
The oil price hike also imposes burdens on China's individual consumers, because more families are buying autos, he said. In 1999, a hundred families in China only owned 0.34 cars on average, but in 2004, the figure rose to 2.2 cars.
The oil price hike also imposes burdens on China's individual consumers, because more families are buying autos, he said. In 1999, a hundred families in China only owned 0.34 cars on average, but in 2004, the figure rose to 2.2 cars.
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