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20

Chinese Economy Will Survive

The Chinese National Bureau of Statistics came to the conclusion that the soaring oil prices has limited impact on the Chinese economy

The Chinese National Bureau of Statistics came to the conclusion that the soaring oil prices has limited impact on the Chinese economy.

In the first nine months of this year, China exported 4.3 million tons of crude oil valued at one billion US dollars and imported 90 million tons with a value of 23.6 billion dollars, he told a press conference held by the Information Office of the State Council.

The oil price hike will exert influence on both the world's and China's economies, but that on the Chinese economy is still "limited", he said.

Estimates have shown that if the oil price is up $10 per barrel and the hike lasts one year, China's consumer price index would grow 0.3 to 0.4 percentage points, he said.

China imports a certain amount of oil, but it is also an oil producer, with an annual output of 170 million tons.