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Page added on June 25, 2018

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China surpasses Japan as world’s largest natural gas importer

China surpasses Japan as world’s largest natural gas importer thumbnail

China has surpassed Japan to become world’s largest importer of natural gas, with China’s drive for a cleaner environment and a bluer sky on the increase, reports Bloomberg.

China-Russia East-Route Natural Gas Pipeline in Heihe, Heilongjiang province, June 29, 2015. [File photo: IC]

China-Russia East-Route Natural Gas Pipeline in Heihe, Heilongjiang province, June 29, 2015. [File photo: IC]

In order to meet President Xi Jinping’s goal of cutting pollution, many factories and households have abandoned coal boilers, turning to natural gas instead, especially in the northern part of China.

New data released by the General Administration of Customs shows 7.41 million metric tons of natural gas was imported into China through pipelines and seaborne tankers in May. This puts the total import of natural gas through the first five months at 34.9 million tons. This number has surpassed Japan’s imports during the same period, which has come in at 34.5 million tons.

In addition, it is expected this country will become world’s biggest liquefied natural gas importer by 2021, with growth in domestic production and pipelines unable to keep pace with demand, according to a report by analysts with JPMorgan Chase.

cri.cn



3 Comments on "China surpasses Japan as world’s largest natural gas importer"

  1. GregT on Mon, 25th Jun 2018 10:49 pm 

    China’s drive for a cleaner environment and a bluer sky on the increase, reports Bloomberg.

    Bloomborg, resistance is futile.

  2. Davy on Tue, 26th Jun 2018 6:32 am 

    “Global Rout Stalls As China Enters Bear Market, Dollar Rebounds”
    https://tinyurl.com/y7xql6k3

    “The mood was more subdued in China, where stocks entered an official bear market amid fears the country may not be prepared to wage a full-blown trade war with the US. Having closed on the verge of a -20% drop on Monday, the Shanghai Composite Index fell 0.5% at the close, taking its loss since a January high to more than 20%, officially entering its 4th bear market in 3 years”

    “The escalating trade tensions have come at a bad time for the government in Beijing, with deleveraging efforts tightening liquidity and threatening to slow economic growth. The collapse in China’s credit collapse has also hurt sentiment as China’s Total Social Financing, the broadest measure of new credit, slumped in May to the lowest in almost two years.”

    “Worse, there is little hope of a sharp rebound, as investors brace themselves for secondary effects from the rout: “Pessimism will keep growing as many companies are on the edge of margin calls and bond defaults,” said Sun Jianbo, China Vision Capital president in Beijing. “The benchmark Shanghai Composite Index will fall at least 10 percent from the current level.”At the same time, China’s yuan continued its stealth devaluation, and weakened 0.3% against the dollar to a fresh six-month low, while the offshore exchange rate slid for a ninth day, its longest losing streak in more than four years, now down to levels last seen in December 2017. To be sure, commentators were almost uniformly bearish: “I don’t see the bottom,” said Qian Qimin, a strategist at Shenwan Hongyuan Group Co. in Shanghai. “The weakening yuan is hurting companies with high levels of dollar debt.” “Fundamentals in China are very bad,” said Hao Hong, chief strategist at Bocom International Holdings Co. “The market started to correct even before the trade war flared up.”

    “And while China has dramatically underperformed US markets this year, judging by the last two days, perhaps the global trade war contagion has finally washed ashore in America…”

  3. Davy on Tue, 26th Jun 2018 5:30 pm 

    “China: Devaluation Or Much, Much Worse”
    https://tinyurl.com/ycdvb5wb

    “Will it work? A terribly convoluted plan developed along unclear lines carried out across several dimensions including both offshore and onshore money centers where contradictory behavior is often determined by the same thing at the same time and in which the vast majority of conventional commentary is perpetually confused as to what’s taking place, what could go wrong? The very fact that this is what they are up to tells you quite a lot about how things may be going over there. But if you think actual devaluation, it’s impossible to determine.”

    “In 2015, they may have been trying to ride out the “rising dollar” hoping that it would straighten itself out (at least as far as the Asian “dollar” might have been concerned) if given enough time. Now? Batten down another hatch. That’s the RRR. CNY is falling again and one thing is certain. It isn’t devaluation.”

    https://tinyurl.com/ydbazl46

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