Chinese Vice President Xi Jinping defended his country’s energy policy in the face of claims that demand from China and India is responsible for a doubling in oil prices in the last year, the South China Morning Post reported. Speaking at a Middle East oil summit, Xi noted that more than 90% of China’s energy needs were met domestically and consumption levels were below the world average on a per capita basis. He also stressed that China, the world’s second-largest energy consumer, is looking to improve its energy conservation and reduce its reliance on coal through tapping a number of alternative energy sources. Beijing’s recent decision to increase retail petroleum and electricity prices met with a mixed reception at the summit. Critics argued that China is still a long way from market-based energy pricing and that controlled prices simply encourage oil demand growth.
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