China Not To Blame For Energy Prices, Says Gvt. Official - Reuters [View All]

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BOAO, China - "China's fast-growing economy is largely self reliant in energy and is not to blame for a crunch in world energy supplies, the country's top state planner said on Saturday. Some have pointed to rising demand from China as a contributor to high oil prices but Ma Kai said the country was 94 percent self-sufficient in energy last year, helped by its huge coal industry.

"China's economy is growing very fast but by no means does it have to lead to strained energy supplies around the world," Ma told an economic forum on the tropical island of Hainan. China was looking for more energy supplies at home to meet its growth needs, and there were enough resources to support this, Ma said.

China is largely dependent on coal to drive its economy, the world's seventh largest, and Ma pointed to abundant recoverable coal reserves of more than 140 billion tonnes.

Coal accounted for about 67 percent of China's energy consumption and 76 percent of energy production, he said."

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