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Cool energy demands

(China Daily)
Updated: 2008-06-24 11:03

Oil exporters' decision to pump more oil can go a long way in allaying fears that developing economies may buckle under the burden of record oil and food prices.

Yet, stabilizing energy development and energy security in the world badly requires more demand-side efforts. China's sustainable energy strategy is just one part of the global efforts needed to cope with rising energy costs.

Chinese Vice-President Xi Jinping pointed out at the International Energy Conference held on Sunday in Saudi Arabia that China will put an emphasis on both the exploitation and the conservation of energy with the priority given to economizing energy consumption.

He also stressed that China will strive to build a resource-conserving and environment-friendly society by ensuring coordinated development of energy production and environmental protection.

The message is clear. As the world's largest developing country which is still at a stage of accelerated industrialization and urbanization, China is resolved to strike a balance between energy sustainability and long-term economic growth.

China has drafted a plan to reduce energy consumption in per unit GDP by about 20 percent by 2010 from the 2005 level. Though China still falls behind its own schedule to cut energy intensity, the government has significantly upgraded its efforts to boost energy conservation across the country.

The sharp hike of domestic retail prices of petrol and diesel by 17-18 percent last Friday was a case in point. It highlighted Chinese policymakers' determination to cool the nation's surging energy consumption.

Its announcement even triggered a $4 fall in the price of international benchmark crude oil futures, bearing full testimony to the huge potential impact higher prices may exert on China's energy usage.

If the latest price hike can be viewed as an important step toward the eventual liberalization of energy prices, it is fairly reasonable to expect that market-driven energy prices will improve China's energy efficiency and encourage development of energy-saving technologies and alternative energy supplies.

At a time when oil prices have more than doubled in a year, it is crucial for oil exporters to expand production. But to adapt to the era of dearer oil, all countries need to focus more efforts on demand-side management to further raise their energy efficiency.