Soaring oil price to cost China an extra 10 billion USD this year

China paid 5.4 US dollars of foreign exchange more for the high international oil price last year, and the figure is expected to reach 10 billion US dollars this year, according to Beijing Morning Post.

China will perhaps pay additional 10 billion USD for the soaring oil price, forecast Zhou Dadi, director of the Institute of Energy Research of the National Development and Reform Commission (NDRC), at the 2005 Summit Symposium on China Energy Strategy and Investment on Thursday.

In the past months this year, the international oil price has been soaring from about 40 USD per barrel early this year to nearly 70 USD at the present. The rising margin is bigger in comparison with that of last year.

"Sharp amplitude, rapid variation, high-level duration, complicated fluctuation factor and unpredictable oil price", summarized by Zhou Dadi as the main features of this year's international oil price.

By People's Daily Online