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Global News

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Why Goldman Sachs says China's economy is better than the US in handling oil shock (finance.yahoo.com)
submitted 1 week ago by schizoidman@lemmy.zip to c/globalnews@lemmy.zip
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cross-posted from : https://lemmy.zip/post/61886690

The US and EU remain heavily reliant on petrol and other liquid fuels, which account for roughly 40% and 44%, respectively, of their primary energy consumption. But China has managed to reduce this figure to just 28%.

Goldman Sachs pointed to three specific "shields" protecting China from the global oil shock.

First is renewable energy dominance. Alternative and renewable energy sources, including nuclear, wind, solar, and hydro, now account for 40% of China's electricity generation, up from 26% a decade ago.

Second is massive strategic reserves. China has spent years quietly building a "Great Wall of Oil,"

And lastly, China sports diversified supply chains.

While the world frets over the Strait of Hormuz — the shipping route accounts for 20% of global oil flows — China has maintained robust supply lines with non-Middle Eastern nations like Russia, Australia, and Malaysia.

Due to the oil price shock, Goldman's economists have trimmed their US real GDP growth forecast by 0.4%. In contrast, China's forecast was trimmed by only 0.2% — the lowest revision in the Asia-Pacific region.

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[–] Hotznplotzn@lemmy.sdf.org 3 points 1 week ago

Chinese airlines to raise fuel surcharges on domestic flights as the war in the Middle East drives up oil prices

... Air China, China Southern and its subsidiary Xiamen Airlines said in statements that they will increase surcharges on flights of up to 800 kilometers by 60 yuan ($8.70), and 120 yuan for longer flights. Spring Airlines and Juneyao Airlines also announced fuel surcharge hikes.

... The move comes as the war in the Middle East, and Iran's effective closure of the crucial Strait of Hormuz, have sent crude prices soaring.