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| China needs more oil |
| CCTV.COM 2003-07-28 09:07:19 |
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China plans to import more crude oil during the second half of this year, as major industrial sectors strive to increase productivity after the impact of the US－led Iraq war and the SARS epidemic recedes.
Industrial analysts predict that the total volume of China's crude oil imports this year will exceed 80 million tons, a 14 percent increase over last year's level. Sectors like transportation, tourism and automobile manufacturing, were worst hit by the SARS outbreak. All these industries have ambitious plans aimed at revitalization, increasing the need for oil and other raw materials.
To fuel economic growth, the Chinese government is planning to lower tariff rates and loosen the restrictions on import quotas to satisfy the requirements of industry.
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Editor: Yang Feiyang CCTV.com
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