On September 8, the United Nations Conference on Trade and Development issued the World Trade and Development Report for the first time at the Xiamen Convention and Exhibition Center. In the report, UNCTAD Secretary-General Supachai stated that although rising oil prices have caused many people's worries and may even continue to rise, they will not collapse.
Supa guess gave two reasons: First, the developed countries reduced their dependence on oil and improved energy efficiency. Second, the main reason for the rise in oil prices is not the shortage of supply, but the result of the gradual expansion of demand.
The "Report" pointed out that it should be seen that the rise in oil prices will cause a greater impact on the Chinese economy. China’s energy demand is very strong, and its oil consumption density is more than double that of OECD member countries. China must take measures to reduce energy demand or reduce energy consumption density. In OECD member countries, a large amount of tax is levied on all minerals, and the use of energy is also taxed. China needs to introduce similar policies to reduce the density of energy consumption. At the same time, all industries must encourage economy in all aspects of economic operation.
Supachai suggested that developing countries, including China, should increase fiscal revenues through patent royalties of oil and extractive industries, joint ventures, or full state power. He said that the attitude of the Trade and Development Conference tended to cooperate with oil exporters and exporters of minerals and establish certain generally agreed principles regarding the financial treatment of foreign investors.
Supa guess gave two reasons: First, the developed countries reduced their dependence on oil and improved energy efficiency. Second, the main reason for the rise in oil prices is not the shortage of supply, but the result of the gradual expansion of demand.
The "Report" pointed out that it should be seen that the rise in oil prices will cause a greater impact on the Chinese economy. China’s energy demand is very strong, and its oil consumption density is more than double that of OECD member countries. China must take measures to reduce energy demand or reduce energy consumption density. In OECD member countries, a large amount of tax is levied on all minerals, and the use of energy is also taxed. China needs to introduce similar policies to reduce the density of energy consumption. At the same time, all industries must encourage economy in all aspects of economic operation.
Supachai suggested that developing countries, including China, should increase fiscal revenues through patent royalties of oil and extractive industries, joint ventures, or full state power. He said that the attitude of the Trade and Development Conference tended to cooperate with oil exporters and exporters of minerals and establish certain generally agreed principles regarding the financial treatment of foreign investors.
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