China's Economy Under Great Pressure Due to High Oil Prices

The soaring oil price has imposed great pressure on China's economy, especially its "Go out" strategy, said Tan Yaling, senior analyst with the Global Finance Market Department of Bank of China, China Mining reported.

Tan said that the combination of internationally surging oil price and depreciating U.S. dollar are challenging China's huge foreign exchange reserve diversification, and the "going out" capital and institutes.

The domestic oil price was not yet timely regulated in line with the rise of oil price on the international market.

The analyst suggested that the government should response rationally to the outside interference and act cautiously on the financial security.