BRI: Feeding the dragon - A study of China's hydrocarbon needs and Belt and Road investments

By Sudharsan Sarathy, ZAWYA

In the year 2000, China's Gross Domestic Product was around $1.2 trillion. Last year, it was $14 trillion--an increase of more than 1,000 percent in less than two decades. The sheer scale of the rapid growth means the Asian giant must future-proof its energy requirements and find more fuel for the Dragon's fire, but is it using its flagship global Belt and Road Initiative to ensure those needs are met? China, the second largest economy in the world, has obvious and rapidly burgeoning energy needs. The sharp growth in GDP over the last two decades has also coincided with the country's rise in global geopolitics and trade, transforming the Asian giant into the world's largest crude oil and gas importer. According to BP's Statistical Review of World Energy 2020 report, China was by far the biggest individual driver of primary energy growth in 2019, accounting for more than three-quarters of net global growth.

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