China vulnerable to energy prices

BEIJING, Aug. 7 (UPI) -- Because China's economy is vulnerable to soaring international oil prices, it should be more energy efficient, a Chinese government official said.

The best way to cope with the $60 a barrel oil price is by improving energy efficiency and developing alternative energy resources, said Zhang Guobao, vice minister of the National Development and Reform Commission.

China consumes considerably more energy resources than Japan. Experts estimate if China could become as energy efficient as Japan, China would not have to increase its demand for energy for the next 60 years, the China Daily reported.

However, Chen Mian, professor of the University of Petroleum, said energy efficiency could only be improved by 20 percent -- depending on market forces.