Oil imports surge 40% to August

The volume of China's oil imports rose almost 40% year-on-year in the first eight months of 2004, state media reported. According to the Xinhua China imported 79.9 million tons of oil between January and August, up 39.9% on last year. The total imports for the year is forecast to reach a record 110 million tons. Imports in 2003 were themselves up 31% on the previous year, reflecting China's surging demand for fuel � one of the key factors behind the current spike in world oil prices.