Impacts of High International Oil Price on China’s Economy

Oil price soaring has carried out negative impacts on China’s economic development,such as increasing risk of inflation,restraining economic growth,promoting coal consumption,amplifying the stress of energy conservation and pollution emissions reduction and extending the loss of the oil refining company.Confliction of the supply-demand,the geopolitical factor,international oil speculation and devaluation of dollar are reasons causing oil price growth.In front of high oil price,new resources tapping,flow restriction and petroleum reserve are stress point to guarantee security of oil supply in China.The concrete measures include:enhancing domestic oil resource exploration to improve security of oil supply,strengthening the international cooperation and developing foreign oil resource to realize import diversification,perfecting domestics trategic oil reserve system,actively developing substitutes replacing petroleum,taking energy conservation as the goal to promote optimization of the Industrial Structure.