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Rising Oil Prices Effect on China's Economy
In the past month, the price of oil has continued to rise, breaking the US$35 per barrel mark and setting a 10-year high. Oil prices in China have also gone up, reaching US$32 per barrel. But just how big is the effect of the rise in oil prices on China's economy?

Experts in the industry feel that international oil prices are already starting to threaten the stability of China's national economy. But because China's level of dependence on international oil is still within the 20% warning mark, currently, the national economy will not feel much of an effect.

The Chinese petroleum industry has been the primary beneficiary of the large fluctuation in oil prices. In the first seven months of this year, China Petroleum and Natural Gas Group has already earned a profit of 29.1 billion yuan, a 4.4-fold increase compared to the same period last year.

Official statistics show that in 1999, Ch