OTC: The Chinese Driving Force

By 2020, when China celebrates its hundred-year anniversary, the Chinese GDP will double that of 2010, increasing to 13 trillion, said Consul General of the People’s Republic of China Xu Erwen, in Houston at the 2013 Offshore Technology Conference (OTC).

Since China adopted the reform and opened up policy in 1978, the Chinese economy has registered an average annual growth rate of nearly 10 percent, tripling the world average at the same period. By 2011, China’s GDP reached 7.5 trillion, contributing 20 percent for the increase of the world’s economy while keeping China as the second largest economy in the world.

“China remains the world’s largest developing country, which is sustainable development,” commented Erwen. “China’s development will benefit the whole world.”

The western country plans to import 10 trillion goods in the next five years, an amount that has increased each year. In 2011, the country’s total volume of import and export reached 3.6 trillion.

Furthermore, China accounts for more than 30 percent of the world’s energy demand. The country’s crude oil and natural gas output has increased slightly year-on-year, reported the National Development and Reform Commission. Crude oil production stood at 51.2 million tons in the first quarter of 2013, up 2.3 percent from the same period last year.

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