| For a long time, the Chinese economy is growing at an | | | | model for its use of bicycles. This increase in demand |
| outstanding pace and I think no other economy saw | | | | for oil coupled with the rising price of oil in the world |
| so much expansion in the last 10 years like the Chinese | | | | market in the last one decade for a various number of |
| economy. This growth has taken China into a new | | | | reasons. To meet the growing demand, China is going |
| level in the world politics. Now China is gradually being | | | | after securing supplies from oil fields from various |
| recognized as a huge economic power by rest of the | | | | parts of the world. At the same time, since Chinese |
| world. However, this growth means that Chinese | | | | economy is on a ride, China can afford to purchase oil |
| economy is consuming more and more fuels like oil, | | | | at a slightly higher price than other countries. The main |
| gas and coal. This matter is becoming a growing | | | | concern for the policy makers in China now to find an |
| concern not just for the Chinese economy but for the | | | | alternate to oil as the global oil reserve is diminishing at |
| rest of the world too. As a result of the Iraq War and | | | | a fast pace. |
| destabilizing condition in Middle East the price of oil has | | | | China is actively pursuing the development of |
| remained a cause of concern for the last 2-3 years | | | | alternative sources of energy. China has a huge |
| and the growing demand for Chinese economy can | | | | reserve of coal and Chinese policy makers are now |
| only make matters worse. | | | | focusing on making the best use of its coal mines. A |
| Much of the time for the last one decade Chinese | | | | massive initiative has been taken to extract gas from |
| GDP experienced nearly double digit growth rate. This | | | | coal. If this project can become successful then many |
| way, Chinese economy has turned into the world's | | | | Chinese cars would run with gas instead of oil. Gas |
| fourth largest now. If the current trend continues after | | | | extracted from coal will also work as source of |
| 2-3 decades the Chinese economy will emerge as the | | | | energy for the power plants. Another option is hydro |
| largest. This means that Chinese economy will | | | | electricity and China is aggressively pushing it. Almost |
| consume more energy in future too. The rest of the | | | | all the major rivers of Asia have originated in China. |
| world is looking at China now to see what the country | | | | However, this plan can face stiff resistance from other |
| is doing to address this issue. China has already | | | | countries who are in downstream. |
| become the second largest importer of oil. This sounds | | | | China's worry for energy only reminds us of the fact |
| to be astonishing because only 2 decades ago | | | | that we have become too much dependent on oil and |
| Chinese economy hardly needed any imported oil. | | | | if we do not give enough importance to finding |
| After the growth of Chinese GDP started at a double | | | | alternative sources for energy then the future is very |
| digit the demand for oil increased and gradually | | | | bleak indeed not just for the Chinese economy but for |
| Chinese economy needed more and more imported oil. | | | | the world economy as a whole. The time has perhaps |
| Another reason for the increase in demand of oil is the | | | | come for us to become desperate for developing |
| fact that the number of cars in the Chinese street is | | | | alternative sources of energy. |
| increasing in a huge pace. In the past, China was a role | | | | |