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Expert: China urgently needs to reform current oil consumption mechanism

07-12-2012 09:33 BJT

The price cut and the possible move to change China’s gas pricing mechanism doesn’t come without its challenges. The NDRC, is vowing to use price leverage to quell excessive fuel consumption across the country.

China’s currently the world’s second-largest fuel consumer. In 2011, more than 56 percent of the crude oil consumed in the domestic market was imported from overseas. And China’s oil consumption volume has been increasing at an annual pace of around 7.5 percent.

Much of that is thanks to an explosion of car ownership in the country. The number of private cars in China has exceeded 50 million meaning 1 in 26 Chinese own a car, so experts are saying China urgently needs to reform its current consumption mechanism in order to save more energy.

Editor:Zhang Jingya |Source: CNTV.CN

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