From BusinessWeek Online: Its growing clout is clear in two events: A visit to Beijing by Saudi King Abdullah, and the hot bidding over Westinghouse and the chance to build nukes for China.
The world rightly marvels at China’s rapid economic ascendancy, but far less appreciated is how its modernization strategy hinges on access to energy. As the Chinese economy continues to expand, so does its thirst for oil, gas, coal, and electricity. China is a major importer of Middle East oil, and today it accounts for 12% of all world energy consumption, second only to the U.S. at 24%.
