MNI BRIEF: Rising Energy Costs To Have Limited Impact On China

Rising crude oil import costs and natural gas will have limited impact on China, as the country has diversified and secure energy supplies and a high proportion of long-term contracts signed, said Lian Weiliang, deputy director of the National Development and Reform Commission at a briefing on Monday.

China will strive to increase production capacity, strengthen reserves, ensure supply and stabilise prices, said Lian, in response to a question on the impact of the escalating Russia-Ukraine war. He added that the rapid increase of clean energy use will also mitigate the need for imports. China is capable and confident of keeping overall prices stable, with bumper grain production, sufficient pork output, and ample supply of industrial and agricultural products, said Hu Zucai, deputy director of NDRC.