Premier Li Qiang convened a State Council study session on Monday, urging a 'bottom-line mentality' to secure energy supplies. The meeting, attended by Vice-Premier Ding Xuexiang and other deputies, focused on coordinating energy security and sector transformation. Li highlighted vigilance amid international upheavals and China's growing energy demand.
Beijing is scrutinising its power strategy as China navigates the impact of a shipping crisis in the Strait of Hormuz that risks becoming a long-term economic liability. According to Xinhua, Premier Li Qiang called energy security a pillar of national stability during Monday's high-level State Council session.
"Given upheavals in the international situation and the steady growth of China’s energy demand, we must maintain vigilance and a bottom-line mentality to enhance resilience and secure supplies," Li argued.
China's pre-war oil stockpiling has cushioned some blows to businesses and livelihoods. However, the country's reliance on oil imports—about 70 per cent of its needs, including via the Hormuz—is viewed as a strategic vulnerability. On Monday, President Xi Jinping told Saudi Crown Prince Mohammed bin Salman in a call that the strait should remain open, marking the first time a Chinese leader has openly called for reopening the blocked waterway disrupting global shipping, energy flows, and supply chains.
Beijing eyes coal and Russian gas among options to offset dependence on imported crude.
