China Not Affected By High Oil Prices

China feels itself rather comfortable with rising oil prices, China's Finance Minister said.

Jin Renqing, speaking on the G20 press conference on Sunday, said, "Rising oil prices no doubt add to China's costs for oil import but the effect is limited.?

Responding to a question about how the prices would affect China's transportation sector, he said, "The high oil prices no doubt have a big influence on China?s domestic transportation sector. But in terms of the influence on the overall economy, it is limited as China?s biggest energy resource is coal rather than oil," he said.
The minister also stressed that China would try to resolve the oil issue by encouraging domestic energy conservation and promoting alternative and renewable energy resources.

"China will promote energy-efficient automobiles to ease pressure on the transportation sector," he said.
Jin also stressed that China would mainly rely on its own resources to solve the energy challenge, assisted by international cooperation.