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China's energy and raw materials imports have not caused a major impact on global markets, China's leading economic planner claimed yesterday.
Ma Kai, minister of the National Development and Reform Commission, said the imports reflect growing economic globalization.
"They benefit both the nation and exporters," he said.
"In today's world, no country can develop in isolation," he said. He added: "We export goods and we import raw material and energy. This is consistent with a historical trend.
"By importing raw material and energy we contribute to resource-rich countries' economic growth."
Ma said the impact of China's imports on the price of global oil prices is limited because they account for "a mere 6-7 per cent of world oil trade.
China is both a big oil consumer and a large oil producer. Last year, the country produced 170 million tons of oil and imported 120 million tons.
In addition, coal still accounts for 70 per cent of China's energy consumption mix, Ma said.
(China Daily March 8, 2005)
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