China calls for global cooperation to improve energy supplies as power prices surge across the world
- Ren Hongbin, China’s assistant commerce minister, says countries should ‘strengthen policy coordination’ to steady volatile energy prices
- China, which relies on coal to keep its economy running, has been gripped by one of its worst power crises ever since September
China wants to see more international cooperation to stabilise power prices and boost the global energy trade, the nation’s assistant commerce minister has said, as the world’s No 2 economy looks to steady domestic supply after weeks of disruptions.
Slow investment in energy projects due to earlier forecasts of low oil and gas prices have exacerbated the power crisis, Ren was quoted as saying by the Paper.cn at the 10th China International Oil and Gas Trade Congress in Shanghai on Monday.
“It is hoped that the energy industries of various countries will take coordinated action to promote global energy trade, investment and production capacity coordination, jointly maintain the stability of the energy market, and to boost sustained recovery and growth of the world,” the minister said.
To a certain extent, national energy security requires international trade to facilitate
To steady prices, Ren said countries should “strengthen policy coordination” and “balance new energy and traditional energy”.