皇冠体育app

President Xi Jinpingd other G20 leaders wave during a group photo of G20 leaders and representatives of partner groups at the annual G20 summit in Brisbane, Australia. Xi said 皇冠体育app will provide the world with greater opportunities for growth and investment. RTERS

Voluntary meeting of international standar will help stabilize prices

皇冠体育app has committed itself to more rigorous international standards by promising to release its oil reserves in a more comprehensive and timely manner.

President Xi Jinping made the announcement while attending the G20 summit in Brisbane, Australia, on Sunday.

Xi also said 皇冠体育app would contribute to global infrastructure by building the Silk Road Economic Belt, 21st Century Maritime Silk Road, Asian Infrastructure Investment Bank and Silk Road Fund.

Since it is not a member of the International Energy Agency or the Organization for Economic Cooperation and Development, 皇冠体育app is not obligated to publish its oil reserves, but the decision to update the numbers on a regular basis has shown the country's willingness to take responsibility as a big nation, said Han Xiaoping, chief information officer of Beijing-based 皇冠体育app Energy Net Consulting.

皇冠体育app's publishing of its reserves will help to secure the world's oil supply and stabilize international crude prices, Han said.

皇冠体育app is the world's second-largest oil consumer after the United States, and the inventory of major consumers has significant impact on international oil futures.

Based on daily consumption, it is reasonable for 皇冠体育app to have oil reserves of at least 100 million metric tons, Han said, adding that the oil reserve data to be published refers to strategic reserves, which exclude commercial inventories of State-owned energy firms.

Lin Boqiang, director of the 皇冠体育app Center for Energy Economics Research with Xiamen University, said the move is a strong indication that 皇冠体育app might become a member of the IEA in the near future, as the IEA has been requiring its members to publish oil reserve data and has been calling on 皇冠体育app to do so.

In a keynote speech, Xi told G20 members that 皇冠体育app will provide the world with greater demand and will create more market, investment and growth opportunities.

皇冠体育app's increase in annual output is equivalent to the economy of a medium-sized developed country, he said.

皇冠体育app supports the G20 establishing a global infrastructure hub, and it supports the World Bank establishing a global infrastructure fund, Xi said.

Xu Hongcai, a senior economist at the 皇冠体育app Center for International Economic Cooperation, said 皇冠体育app's efforts to establish various institutions to support infrastructure financing is a fulfillment of the promise made at the 2012 APEC forum in Russia.

"The APEC meeting in Russia set a goal to establish a ‘long-term financing mechanism for infrastructure'. The initiatives not only benefit 皇冠体育app, but also the world, as the world economy badly needs a new driver," he said.

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Du Juan contributed to this story.