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Tuesday, June 30, 2015

Energy cooperation in One Belt One Road focused

ReporterZhang Mengyuan 丨
06-16-2015 16:47 BJT
The Global Forum on Energy Security is being held in Beijing. China's belt and road initiative and a proposed energy trading center are among the hot topics at the forum.

A report from the China Academy of Social Sciences shows that as the world's largest energy consumer, China is responsible for over half of the world's coal consumption. However, China's coal consumption declined nearly 3 percent last year and coal imports also decreased over 10 percent.

"With China's economic restructuring and reduction of big energy consumption industries, our coal consumption is decreasing. China mainly lacks oil and natural gas."
"Any price fluctuation of energy, no matter on the supply side or demand side, will cause insecurity to the whole economy," said Li Ping, director of Institution of Quantitative & Technical Economics.

Regional cooperation in building a more integrated and stable energy market was one of the focuses at the forum. China's One Belt One Road initiative is believed to be able to make huge contributions.

Experts also emphasized that efforts should be made to push forward with the construction of an energy pipeline between China and Central Asia, so as to promote grid and hydro power cooperation with members of the Association of South East Asian Nations.