China’s ‘energy anxiety’ lessens with economic slowdown

China is currently the world’s second largest importer, having accounted for 31 percent of global growth in oil demand. The country’s global energy strategy was discussed on Wednesday during the French Macau Business Association’s monthly breakfast meeting.
According to David Zweig, chair professor of the Division of Social Science at the Hong Kong University of Science and Technology and director of its Center on China’s Transnational Relations, tactics such as diversifying suppliers, building pipe lines, shifting to alternative energy sources, building a strategic reserve, improving the ability to protect China’s sea-lanes, the continuous improvement of its technology and energy efficiency have largely contributed to the region’s growth in oil demand.
Zweig pointed out that China has been a “big driver” of economic growth in countries like Angola, Nigeria and Iran, however due to the impact of China’s economic slowdown, such countries’ finances have slumped.

David Zweig

“We still see more and more projects going out [to emerging countries] but a lot of them are infrastructure related rather than China just going out trying to get oil or energy,” he said.
Since Angola is one China’s top trade partners, the expert revealed that the bilateral relations between Angola and China still remain “pretty good,”
As there are many thousands of Chinese people working in Angola and China has made large contributions to Angola’s economic development, Zweig said that the relationship between the two countries would be maintained.
Moreover Zweig believes that China’s “energy anxiety” has decreased from what it used to be.
“But in the past, all kinds of questions about [energy] supply, about shipping lanes [and] governments that they were working with, were dramatically increasing demand [for energy], it made China more vulnerable,” he explained. “China needed that energy to keep the economy growing, to keep the general population satisfied, and growth and jobs, so I think it’s all interconnected.”
Zweig explained that China’s assertiveness in  resolving its “energy anxiety” has slackened demand thus “explaining in part the drop in the price of oil.”
He also concluded that if an economic restructuring will occur, “this energy-based foreign policy may be a historical event.” Staff reporter

zhang dejiang visit with positive impact

Zweig also made comments regarding China’s top legislator Zhang Dejiang’s recent visit to Hong Kong, saying that his statement, “we’re not going to take away your identity” was an important assertion that may indicate that Beijing has been listening to complaints and concerns of Hong Kong residents. “He has also agreed to meet with democrats, and dialogue will supposedly continue across the border in Shenzhen. However, he didn’t talk about political reform at all so he was very conscious,” Zweig added.