●Causes: Increasing oil demand for new market economies, limited production of resource producers, accelerated depreciation of dollar and huge amount of venture capital funds flowing into the large commodity market as a result of subprime mortgage crisis are main causes.
●Influences: As oil is the basic energy product, the continuing surging international oil price will push up the factory price of China’s industrial products and increase inflation pressure. China is now accelerating urbanization process with rising oil consumption, which means the soaring international oil price will impose more pressure on China.
●Countermeasures: To establish price, and fiscal and tax mechanisms favorable for industrial structure adjustment to pass the high oil price signal on to the market, and promote energy mix transformation and industrial structure optimization, implement measures on energy saving and emission reduction, and accelerate the building of the energy-saving economic structure to deal with the high oil price.
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