China's double-digit growth will not threaten global energy
supply if the country improves energy efficiency and adopts new
technology, a leading Chinese energy figure said yesterday.
China's energy consumption efficiency is only one fourth of
Japan, and about 50 percent of the US, said Fu Chengyu, president
of China's National Offshore Oil Corporation, which is one of the
three major oil producers in China.
"There is too much waste now," Fu said at the opening session of
the Asia Europe Business Forum, which opened yesterday in Helsinki
in parallel with the sixth Asia-Europe Meeting (ASEM 6).
The Chinese Government has drafted policies to punish energy
wasters, and also to encourage the development of renewable energy,
according to Fu.
The policy has created opportunity for European companies to
invest in developing new technologies in China, he said.
"If China can achieve efficiency like Japan and the US, we can
keep the same economic growth rate while consuming the same amount
of energy for the next 10 years," said Fu.
China's economic performance has been spectacular over the past
25 years, averaging an annual gross domestic product (GDP) growth
of 9.6 percent. And the growth rate was 10.9 percent in the first
half of this year.
China exported more oil than it imported until 1993, when
imports began to surge. It imported 118 million tons of oil last
The two-day Asia-Europe Business Forum was held with the main
themes of globalization, competitiveness and energy. The forum is a
meeting of business leaders aimed at strengthening economic
co-operation between the business sectors of Asia and Europe.
Fu appealed for governments and companies to reduce
protectionism in the process of globalization so as to increase
competitiveness of companies.
"Global competitiveness can only be achieved through global
competition, not by protectionism," he said.
"Fast and quality growth of the Chinese economy, as well as its
contribution to the global economy, is in large part attributed to
the openness of the Chinese market, which is driven by
He called for all companies to join forces to promote free trade
and anti-protectionism, and promote sustainable economic
Finnish President Tarja Halonen told the forum that economy has
always been an important part of ASEM co-operation.
"Trade and economic co-operation between Asia and Europe is
significant for both continents; we are positively economically
dependent on one another," she said.
Christoffer Taxell, chairman of the forum, said that the forum
would produce recommendations for the ASEM process and contribute
to the strengthening of Asia-Europe economic relations.
"In addition to this, the forum offers a unique occasion for
business leaders of ASEM countries to interact with each other," he
(China Daily September 11, 2006)