China, the world’s second-biggest energy consumer, said it will “actively” participate in the global competition for oil, natural gas and mineral resources as domestic demand rises.

The country will intensify the development of overseas resources to
ensure “stable” energy supplies for economic growth, Zhang Xiaoqiang,
vice chairman of the National Development and Reform Commission, said
in a speech on foreign investment posted on the commission’s Web site
today.

Chinese manufacturing expanded by the most in five years in December,
supporting estimates that growth has accelerated to more than 10
percent in the world’s third-biggest economy, HSBC Holdings Plc and
Markit Economics said yesterday. The country’s energy consumption is
set to rise within the next two years as “most of the planned projects”
will complete and start operating, Zhang said in the statement.

“A recovery in the international commodity market and a potential surge
in the global energy prices increase the urgency for us to take the
initiatives in joining the allocation of global resources,” Zhang said
in the speech.

China will study projects to process resources overseas, according to
Zhang, without elaborating. The country will invest in infrastructure
facilities in key countries which hold resource deposits and have a
“friendly relationship” with China, Zhang said.

China’s November crude oil imports climbed 28 percent from a year
earlier to 17.1 million tons, the General Administration of Customs
said on Dec. 11.

Source: Bloomberg

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