According to Associated Press: “though China is now the world’s No. 3 oil importer, depending on foreign fuel to run its booming factories, the country’s consumption remains strong even with crude surpassing $45 a barrel.
Neighboring South Korea is struggling to cope with oil’s rising price, but in China, labor is so cheap that businesses can handle higher energy costs, analysts say.
“China’s overall demand for oil is still increasing. It is only a matter of how fast the demand will grow in the future,” said Zhou Fengqi, an energy expert at the government’s National Development Reform Commission. ”
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