OTC: The Chinese Driving Force

By 2020, when China celebrates its hundred-year anniversary, the Chinese GDP will double that of 2010, increasing to 13 trillion, said Consul General of the People's Republic of China Xu Erwen, in Houston at the 2013 Offshore Technology Conference (OTC).

Since China adopted the reform and opened up policy in 1978, the Chinese economy has registered an average annual growth rate of nearly 10 percent, tripling the world average at the same period. By 2011, China's GDP reached 7.5 trillion, contributing 20 percent for the increase of the world's economy while keeping China as the second largest economy in the world.

"China remains the world's largest developing country, which is sustainable development," commented Erwen. "China's development will benefit the whole world."

The western country plans to import 10 trillion goods in the next five years, an amount that has increased each year. In 2011, the country's total volume of import and export reached 3.6 trillion.

Furthermore, China accounts for more than 30 percent of the world's energy demand. The country's crude oil and natural gas output has increased slightly year-on-year, reported the National Development and Reform Commission. Crude oil production stood at 51.2 million tons in the first quarter of 2013, up 2.3 percent from the same period last year.

The country refined 109.48 million tons of crude oil during the first quarter of 2013, up 4.4 percent year-on-year, while refined oil products rose by 4.6 percent to 67.34 million tones, the statement said.

Natural gas output also saw an increase, 6.2 percent to 30.6 billion cubic meters, while natural gas imports surged 34.5 percent to 13.2 billion cubic meters.

"The better China grows, the whole world will continue to benefit including the United States," said Erwen. "Of the past couple of years, U.S. and China's relationship has become the most important bilateral relationship in the world because we are seeking common ground," she said. 

By 2035, it is predicted that the country will outpace the United States. China will use 68 percent more energy than the United States by that year and a lot of it will come from coal, accounting for 76 percent of the increase in world coal use.

The country is also set to lead energy growth. In 2008, China and India made up 21 percent of world energy consumption, and in 2035, it will be 31 percent.

"China is committed in building safe, clean energy and will remain committed to producing the energy that today demands," she said.

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

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