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Strategies & Market Trends : China - The Next Great Stock Market ? -- Ignore unavailable to you. Want to Upgrade?

To: KHS who wrote (54)	1/14/2003 1:18:47 PM
From: Stephen O	Respond to of 140

from the Strait Times of Singapore... China faces 'shocking' shortage of minerals BEIJING - China is facing a serious shortage of mineral resources and will be forced to increase its imports drastically to meet demand over the next 20 years, a state-run newspaper said yesterday. The Workers Daily said a report by the Chinese Academy of Geological Sciences highlighted what analysts called a 'very shocking' situation. All of China's mineral resources are in short supply including coal, gas and oil. It said the degree of dependence on imports will rise, which the report concluded was 'very dangerous to national security'. All major oil fields in China are close to running dry, the academy said. China is one of the biggest consumers of oil in the world. It estimated that by 2020, China will need to import 70 per cent of its crude oil - or 500 million tonnes - and 50 per cent of its gas requirements, or 100 billion cubic metres. Last year China imported just 65 million tonnes of oil. The report estimated that within the next 20 years, China would also need to buy an extra three billion tonnes of iron, 500 million tonnes of copper and 100 million tonnes of aluminium. Zinc and tungsten, which China now exports, will soon have to be imported, the report said. --AFP straitstimes.asia1.com.sg