For a long time, China’s energy policy has centered around one primary and pressing goal: to establish energy security. As the biggest importer and second-biggest consumer of oil in the world, China is extremely dependent on international markets to keep the lights on and the gears of industry turning.
In 2019, a whopping 72% of all crude oil consumed in China was imported. This is a dynamic that makes Beijing uncomfortable, to say the least, and President Xi Jinping’s administration has been hard at work trying to shore up a greater…China's Historic Decision To Stop Hoarding Oil
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