China is unlikely to face a shortage of oil and gas

China is unlikely to face a shortage of oil and gas, although the rapid domestic economic recovery has been fueling the growth in oil prices in China. However, the rising oil prices will inflate costs for China's manufacturing sector as the country is highly dependent on oil imports, he said.

He also suggested China should continuously develop its new energy industry while encouraging investment in low-carbon technologies, energy conservation and emissions reduction, to reduce the percentage of fossil fuel in its energy mix