China signals deeper reforms in oil, gas and power: Media

The Chinese Communist Party’s commission for deepening reforms on Tuesday approved a wide range of proposals for markets, including the country’s power networks and oil and natural gas markets, state broadcaster CCTV reported.

For all the latest headlines follow our Google News channel online or via the app.

China will further reform and accelerate the construction of a power system that is “economically efficient, flexible and intelligent in supply and demand coordination,” the commission said.

The nation’s grid system is predominantly arranged around fixed, long-term power trading agreements, with a limited role for spot markets or flexibility of supply.

During a drought in August 2022, fixed, unidirectional power trading agreements forced hydro-dependent southwestern Sichuan province to export power out of the province to fulfil these contracts, even as consumers in the province endured power cuts.

In the oil and gas markets, China will focus on “improving national oil and gas security capabilities … and ensure stable and reliable supply,” the commission stated.

The proposals come amid an intensified focus on domestic energy security in the country, which is the world’s largest crude oil importer.

Read more:

Taiwan says eight Chinese aircraft crossed Taiwan Strait median line

Taiwan military drills to involve civilian airport amidst increased Chinese pressure

China sends fighter jets, warships near Taiwan during Yellen’s Beijing visit