China’s size, strength insulates its energy security amid geopolitical shocks: lawmaker
Increasing oil and gas exploration, pushing ahead with green transition among contingency plans in place, geologist NPC deputy says
Despite its heavy reliance on oil and gas imports, China’s “national strength” insulates its energy security from short-term geopolitical shocks, a prominent petroleum geologist said.
Jin Zhijun, dean of the Institute of Energy at Peking University, said that China – as a large country – could ensure its energy security amid a volatile international energy trading landscape, with multiple contingency plans in place.
China’s reliance on foreign oil and gas is widely seen as a main weakness undermining the nation’s energy security. According to government data, imports account for more than 70 per cent of the oil and 40 per cent of the natural gas China consumes.
“Of course, the lower the degree of external dependence, the better,” Jin said on the sidelines of the “two sessions” – the annual meetings of the NPC, China’s top legislature, as well as its top political advisory body – in Beijing on Sunday. “However, even if it gets a bit higher, it does not necessarily mean insecurity. The key lies in our comprehensive national strength.