BIZCHINA / Oil Price Hike |
China offers 8.48b yuan in oil price subsidies(Xinhua)Updated: 2006-06-07 09:21 Vice Finance Minister Zhu Zhigang said on Tuesday that China has offered a total of 8.48 billion yuan (over US$1 billion) in subsidies to the country's disadvantaged communities, including grain growers, fishermen, and taxi drivers. Addressing a national meeting for officials from central and provincial finance departments, the vice-minister urged local departments to deliver the subsidies to the selected sectors, including the public transport sector. China has raised prices of processed oil twice in the first five months of this year. Following its oil price hikes last March, China raised the prices by over 10 percent on May 24. China's net oil import in 2005 totaled 136 million tons in 2005, about 42.9 percent of its total oil consumption. China has to balance oil price hikes and assistance to those communities and
sectors vulnerable to higher oil prices on the international market.
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