China Should Reduce Crude Oil Import Dependency: News

China should make a greater effort to develop new energy, and reduce crude oil import dependency in the next ten years, as the current high oil prices are reshaping global energy supply chain, the Shanghai Securities News reported citing analysts. China's current dependence on foreign crude oil is still as high as 72%, and such imported inflation will push up the costs for industries including refining, chemical, transportation and logistics, the newspaper said citing Lin Boqiang, a professor in Xiamen University. China may still be less affected than Europe and the U.S. in the face of soaring oil prices, as crude oil accounts for a much lower proportion in its energy structure than that of Europe and the U.S., the newspaper cited Lin as saying.