Central & SE Asia / Australasia
Country profile: China
Location: | Eastern Asia, bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam |
Climate: | extremely diverse; tropical in south to subarctic in north |
Terrain: | mostly mountains, high plateaus, deserts in west; plains, deltas, and hills in east |
Size: | 9596960 sq. km total (Land area: 9326410 sq. km Water area: 270550 sq.km) |
Population: | 1,330,044,605 (July 2008 est.) |
Languages: | Standard Chinese or Mandarin (Putonghua, based on the Beijing dialect), Yue (Cantonese), Wu (Shanghainese), Minbei (Fuzhou), Minnan (Hokkien-Taiwanese), Xiang, Gan, Hakka dialects, minority languages (see Ethnic groups entry) |
Government: | Communist state |
Capital city: | Beijing |
Legal system: | based on civil law system; derived from Soviet and continental civil code legal principles; legislature retains power to interpret statutes; constitution ambiguous on judicial review of legislation; has not accepted compulsory ICJ jurisdiction |
Currency: | Renminbi (RMB); note - also referred to by the uni |
Licensing: |
Country profile
China is the world's most populous country and has a rapidly growing economy. China’s real gross domestic product (GDP) is estimated to have grown at 9.9 percent in 2005, down slightly from the 2004 rate of 10.1 percent. Economic forecasts remain strong for China, with real GDP expected to increase 9.9 percent in 2006. Inflows of foreign direct investment (FDI) into China totaled $86.1 billion in 2005, a new record and roughly double the level of 2001. China’s merchandise trade surplus soared to $102 billion in 2005, its largest surplus ever and roughly three times larger than the 2004 figure.
Together with strong economic growth, China’s demand for energy is surging rapidly. EIA forecasts that China’s oil consumption will increase by almost half a million barrels per day in 2006, or 38 percent of the total growth in world oil demand. China is the world’s third-largest net importer of oil behind the United States and Japan, an important factor in world oil markets.
Economic development has proceeded unevenly in China, with urban coastal areas experiencing more rapid economic development than in other parts of the country. As strong growth continues unabated, the Chinese government has taken measures to cool the economy. In August 2006, the central bank raised interest rates by 0.27 percent to bring lending rates to 6.12 percent, the second rate increase in four months. The central bank also raised the reserve requirement for commercial banks by 0.5 percent in June and July 2006, bringing the requirement to 8.5 percent. These moves serve to take money out of the money supply to help ward off possible economic overheating.
Breaking with previous policy, China delinked its currency, the renmimbi, from the U.S. dollar in July 2005, resulting in an initial devaluation of 2.1 percent. The renminbi now floats within a very narrow 0.3 percent band against a basket of currencies from the country's major trading partners. Since the devaluation, the renminbi has remained well within the narrow band and has appreciated about 1.4 percent against the U.S. dollar as of mid-July 2006.
With China's entry into the World Trade Organization (WTO) in November 2001, the Chinese government made a number of specific commitments to trade and investment liberalization which, if fully implemented, will substantially open the Chinese economy to foreign firms. In the energy sector, this will mean the lifting or sharp reduction of tariffs associated with imports of some classes of capital goods, and the eventual opening to foreign competition of some areas such as retail sales of petroleum products.
Energy production and consumption
Oil | Gas | |
Production: | 3 million bbl/day (2007 est.) | 58 billion cu m (2006 est.) |
Consumption: | 6 million bbl/day (2007 est.) | 55 billion cu m (2006 est.) |
Exports: | 79,060 bbl/day (2007 est.) | 2 billion cu m (2006 est.) |
Imports: | 3 million bbl/day (2007 est.) | 976 million cu m (2006 est.) |
Reserves: | 12 billion bbl (2007 est.) | 2 trillion cu m (2006 est.) |
Major fields: |
China - recent news
15 Apr 24 |
China: Sinopec completes drilling of China's deepest geothermal exploration well of 5,200 meters Sinopec has successfully completed the drilling of China's deepest geothermal exploration well, the Fushen-1 well in Hainan with a well depth of 5,200 meters. |
26 Mar 24 |
China: TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery TotalEnergies and China Petroleum and Chemical Corporation ('SINOPEC') have signed a Heads of Agreement (HoA) to jointly develop a Sustainable Aviation Fuel (SAF) production unit at a SINOPEC's refinery in China. The planned unit, jointly owned by SINOPEC and TotalEnergies, will have the capacity to produce 230,000 tons of SAF per year, and will process local waste or residues from the circular economy (cooking oils and animal fats). |
25 Mar 24 |
China: Sinopec's West Sichuan gas field enters operation Sinopec has announced that the West Sichuan gas field, Sinopec's third 100-billion-cubic-meter submarine natural gas field in the Sichuan basin, has been completed, marking another major milestone for its Project Deep Earth – Sichuan and Chongqing Natural Gas Base. |
18 Mar 24 |
China: CNOOC Ltd announces hundred million ton oil field discovery Qinhuangdao 27-3 in the Bohai Sea CNOOC Limited has made a major oilfield discovery of Qinhuangdao 27-3 in the Bohai Sea, which adds over a hundred million tons of oil equivalent proved in-place volume. Qinhuangdao 27-3 Oilfield is located in the north-central waters of the Bohai Sea, with an average water depth of approx. 25 meters. |
08 Mar 24 |
China: CNOOC Ltd announces 100 million ton oil field discovery in South China Sea CNOOC Limited has made a major oilfield discovery at Kaiping South in the South China Sea, which adds over a hundred million tons of oil equivalent proved in-place volume. |
China - more news
Other countries in this region
- Australia,
- Bangladesh,
- Brunei,
- Cambodia,
- Fiji,
- Hong Kong,
- India,
- Indonesia,
- Japan,
- Laos,
- Malaysia,
- Maldives,
- Mongolia,
- Myanmar,
- Nepal,
- New Zealand,
- North Korea,
- Pakistan,
- Palau,
- Papua New Guinea,
- Philippines,
- Singapore,
- South Korea,
- Sri Lanka,
- Taiwan,
- Thailand,
- Timor Leste,
- Vietnam