Li Qiangmin, Former Consul General of the Consulate-General of the People’s Republic of China in Houston, Texas, U.S., addresses the 2020 China International Energy Conference, in Beijing on December 11 (TAO XING)
Tensions between the U.S. and China may be eased as a result of increased export of energy products from the former to the latter in the coming years, according to Li Qiangmin, a former Consul General who was stationed at the Consulate-General of the People’s Republic of China in Houston, Texas, U.S.
“The United States may become the world’s largest exporter of oil and gas within the next three years and will need a promising market,” Li said at the 2020 China International Energy Conference in Beijing on December 11. “China could provide that market.”
In the first 10 months of this year, China’s crude oil output reached 160 million tons, up 1.7 percent from the same period last year. However, according to China’s National Bureau of Statistics, China’s importation of crude oil increased 10.6 percent year-on-year to 460 million tons. China’s total imports of crude oil are predicted to reach between 580 million and 600 million tons this year.
According to Xu Changdong, President of the Western Returned Scholars Association’s Entrepreneur Alliance, China’s rapid development will continue to boost its consumption of energy, creating a huge market for oil and gas exporters.
Li believes the Biden administration would like to shake off the negative effects of the novel coronavirus disease by increasing exports, creating more jobs, and improving the livelihoods of Americans. According to Li, the export of energy products, especially oil and gas, to China is a prime means of balancing the Sino-U.S. trade deficit, and the two countries could cooperate in the production and transportation of oil and gas, as well as responses to global climate change.
“Energy cooperation might be a booster in warming up Sino-U.S. relations during Biden’s tenure,” Li said.
The 2020 China International Energy Conference was held in Beijing on December 11 (TAO XING)
During the conference, Guangdong-Hong Kong-Macao Greater Bay Area International Energy Transaction Center (GBAEC) announced the trial operation of its Da Yang Energy Mall, an international energy spot trading platform. On December 11, its transaction value amounted to 870 million yuan ($133 million) in half of the day.
The U.S. National Center for Sustainable Development (NCSD) inked an agreement with the GBAEC at the conference. Mitchell F Stanley, Chairman of the NCSD addressed the conference via video, saying the GBAEC provides channels for American small and medium energy enterprises to move into the Chinese market. He believes China and the U.S. could cooperate in improving energy efficiency and environmental protection.
Also addressing the conference via video, Neil Bush, President of George H.W. Bush Foundation for U.S.-China Relations said that energy collaboration between the two countries could strengthen economic and trade relations, offering more opportunities for enterprises.
Copyedited by Garth Wilson
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