GDP for the first quarter stood at 4.5%, the
Reuters’ columnist Clyde Russell summarized the data in a recent column, noting crude oil imports of 12.11 million barrels daily as an average rate last month. This was an increase of about 800,000 bpd on the month and close to the two-year high booked in March. At the same time, the increase in crude oil exports could be driven by discount crude from Russia, Iran, and Venezuela, and Chinese refiners stocking up on the commodity while prices are low.
The confident forecasts that analysts made about post-pandemic China seem to have all been based on the fact that the Chinese government can intervene directly in economic activity to stimulate growth. It has done so on numerous occasions.
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