China and the United States agreed yesterday to intensify partnership in
developing new and renewable energy resources to meet their increasing demands.
The consensus was reached during the second round of Sino-US energy policy
dialogue, which was held in Hangzhou, capital of East China's Zhejiang Province.
Zhang Guobao, vice-minister of the National Development and Reform Commission
(NDRC), the industry regulator, and the Assistant Secretary of the US Department
of Energy Karen Harbert led respective teams during the talks.
As the world's major energy producers and consumers, China and the United
States face similar challenges and have great potential for co-operation, Zhang
said.
The officials discussed energy policies of their own countries and exchanged
views on the current international energy situation.
They also discussed the topics of energy security, energy efficiency and
energy saving, as well as recycling energy, and put forward concrete suggestions
for bilateral co-operation, according to a Xinhua report.
The NDRC and the US Department of Energy signed a memorandum of understanding
on bilateral energy policy dialogue in 2004. The two countries held their first
energy policy dialogue in Washington last year.
NDRC statistics shows around 20 Sino-US joint oil and gas exploration
projects in China, with a total US investment of US$5 billion.
"China and the United States consume one-third of the world's total oil and
natural gas, so their co-operation in the sector will surely help stabilize the
soaring crude oil prices in the international market," said Han Meng, an
economic researcher at the Chinese Academy of Social Sciences.
Speaking at the seventh Sino-US Petroleum & Natural Gas Forum held in
Hangzhou on Tuesday, Zhang said China will rely less on petroleum imports and
more on coal, and develop new and renewable energy sources.
"China successfully reduced its net imports of petroleum last year, Zhang
said.
According to the senior official, the Chinese mainland's oil consumption was
317 million tons last year, down slightly from the previous year, and its net
imports of petroleum are 136 million tons, less than 2004.
"This amount makes up only 6 per cent of total international oil traded," he
said.
As China reduced its oil imports last year, the world still saw oil prices
soar by 36.8 per cent from the previous year, which "shows that China's impact
on the soaring international oil price has been seriously overplayed," said
Zhang.
As international oil prices remain high, Zhang said that China will reduce
its oil imports by saving, tapping new and renewable energies, developing oil
substitutes and optimizing consumption and production structure.
(China Daily 09/14/2006 page2)
