Central & SE Asia / Australasia

China flag
Summary | Profile

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

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

20 Jul 20
China: CNOOC Ltd commences production at the Luda 21-2/16-3 regional development project
CNOOC Limited has announced that the Luda 21-2/16-3 regional development project, located in Liaodong Bay in the Bohai Sea, has commenced production. The project is expected to reach its peak production of approx. 25,600 barrels of crude oil per day in 2022.
09 Jul 20
China: BP signs gas supply agreement with ENN
BP has signed a gas supply agreement with ENN Group to jointly support the growing energy needs of China’s southern Guangdong region. Under the terms of the agreement, BP will provide ENN with 300,000 tonnes per year of pipeline gas re-gasified from LNG for two years from 1 January 2021 in Guangdong.
29 Jun 20
China: CNOOC Ltd announces significant discovery at Huizhou 26-6 in Eastern South China Sea
CNOOC Ltd has announced a significant discovery at Huizhou 26-6 in Eastern South China Sea. It is expected to become the first mid-to-large sized condensate oil and gas field in the shallow water area of Pearl River Mouth Basin.
11 Jun 20
China: CNOOC Ltd announces Qinhuangdao 33-1S oil field phase I project commences production
CNOOC Limited has announced that Qinhuangdao 33-1S oil field phase I project, located in central and western Bohai, has commenced production. The project is expected to reach its peak production of approx. 6,000 barrels of crude oil per day in 2021.
05 Jun 20
China: Vestas wins order for V155-3.3 MW turbines in China with new customer
Vestas has secured a 50 MW order from new customer China Three Gorge Renewables (CTG Renewables), one of China’s biggest renewable energy developers, for the 50 MW project Juye I in Heze, Shandong province in China.

China - more news

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