Beijing defends refusal to lift pump prices – Richard McGregor

From The Financial Times:

China has defended its refusal to lift pump prices to keep pace with rises in the global oil market over the last 12 months, saying further increases would damage local industries, the military and the economy.

Zhang Guobao, vice-chairman of the National Development and Reform Commission, the chief economic planning body that is also responsible for energy policy, acknowledged that Chinese rises had been allowed to fall behind the world, but said the issue was “complicated”.

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