Oil Slump Offers Reform Opportunity for China

摘要

As the world’s biggest net oil importer,China benefits from the latest price slump and has even more to gain if it can seize this rare opportunity to push ahead pricing reforms.The slump,sparked by a supply glut and sluggish demand,is expected to remain for a while as there are'no near-term catalysts to change the supply/demand equation,'a Moody’s report noted.The development came as positive news to China,where some 58 percent of oil consumption comes from overseas supplies.According to data from the National Bureau of Statistics,China imported 281.92 million tons of crude oil in 2013 worth 219.6 billion dollars.