China's oil vulnerability and economic growth: An empirical study

摘要

Economic growth relies on energy. Accompany with the enhancement of oil vulnerability, it's crucial for China's government to research the relationship between oil security and economic growth. This paper selects eight quantifiable individual indicators to comprehensively measure oil vulnerability of China for the duration of 1997–2008 by means of principal component analysis, and a comparison between the index and China's real growth rate of GDP is conducted through the adoption of grey relational analysis, then demonstrates the following: (1) China's oil vulnerability has been generally increased in recent years. (2) There is a comparatively high consistency between China's oil vulnerability and economic growth. As China's economy develops stably and rapidly, oil vulnerability is increasing invisibly. Therefore, attention should be paid to easing China's oil vulnerability when the goal of stable and rapid economic growth is guaranteed.