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In the face of U.S. bullying, China should prepare for a short-term disruption in oil supplies.
Release time:
2021-01-20
The U.S.-China trade war is intensifying, and recently it has begun to affect strategic resources on both sides. The export controls on rare earths have become a hot topic. As for another resource shortfall in our country—oil, whose external dependence stands as high as 70%—how should we remain vigilant and prepare adequately?
The U.S.-China trade war is intensifying, and recently it has begun to affect strategic resources on both sides. The export controls on rare earths have become a hot topic. As for another resource shortfall in our country—oil, whose external dependence stands as high as 70%—how should we remain vigilant and prepare accordingly?
Fu Chengyu, former chairman of the China National Petroleum Corporation, stated that China should prepare for short-term oil supply disruptions and achieve energy self-sufficiency within 15 years. According to a report by China Securities Journal, Fu Chengyu said yesterday at the Shanghai Energy Forum that, from a long-term strategic perspective, China must rely on itself. To this end, China should devote 10 to 15 years starting now to achieve basic energy self-sufficiency—meaning that more than 80% of its energy needs should be met domestically.
Fu Chengyu, who retired in May 2015, believes that China has both the foundation and the conditions to achieve this goal. To realize the above-mentioned objective, efforts should be concentrated on three key areas.
First, we need to accelerate the development of new and renewable energy sources. “Next year, the share of renewable energy could reach 15%. But thanks to technological advancements that have significantly reduced costs, we can further increase this share by another 15% over the next five to ten years.”
Second, we must vigorously develop shale gas. Fu Chengyu pointed out that China’s shale gas reserves are deeply buried and located in remote areas lacking adequate infrastructure. However, over the past few years, extraction costs have significantly decreased. He hopes that the government will combine its institutional advantages with market strengths to enhance efficiency, enabling the shale gas market to grow very rapidly. In terms of policy, he recommends promptly and substantially reducing taxes and loan interest rates for shale gas projects and swiftly introducing policies to support enterprises’ development in this sector.
Third, we must develop a clean coal system. Fu Chengyu believes that China has already made significant technological advances in clean coal, but further progress is needed—more investment and intensified efforts to upgrade and transform the existing systems.
In addition, Wang Yilin, Secretary of the Party Leadership Group and Chairman of the China National Petroleum Corporation, chaired a symposium on responding to U.S.-China economic and trade tensions on the morning of May 29. Wang Yilin emphasized the need to focus on key areas and make concerted efforts in independent innovation, preventing bottlenecks in critical technologies and equipment, and managing financial risks. In particular, we must not allow ourselves to be dependent on others in terms of independent innovation and critical technologies and equipment. We should take a long-term perspective, intensify our efforts in independent innovation, and accelerate the localization of key technologies and equipment.
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