Oil price will cost China dear
15 September 2005
An economist at China's State Information Center has said that if the international price of oil rises by US$15 this year, then it will cost China an extra US$15 billion, state media reported. Niu Li said that since China has the world's biggest trade deficit in oil export and import, the global oil price has been very costly. Niu said that the number of cars per Chinese family had increased more than sixfold between 1999 and 2004, meaning that the rising oil price will burden a large number of Chinese consumers.