By South China Morning Post | Created at 2025-03-06 03:33:04 | Updated at 2025-03-06 10:06:53
6 hours ago
China could stop importing crude oil in 20 years as the country accelerates the installation of renewable energy capacity and energy storage, a National People’s Congress deputy has forecast.
The transition to improve China’s energy security will require installing more solar and other renewable capacity and developing an energy grid – which can be empowered with the help of artificial intelligence – that supports the renewable capacity.
That was the message Liu Hanyuan, the billionaire founder and chairman of the Tongwei Group, delivered in Beijing ahead of the opening of the “two sessions” annual plenary meeting of China’s congress.
China is the world’s largest importer of crude oil, while Russia is the top supplier followed by Saudi Arabia.
According to Chinese media reports on Tuesday, Liu said China imported 553 million tonnes of crude oil worth US$325 billion in foreign exchange reserves last year, with its import reliance posing a risk to domestic energy security.
“China is fully equipped to replace the more than 500 million tonnes of crude oil consumed each year in about 20 years,” he said.
Liu began investing in renewable energy around two decades ago when he acquired a stake in a small solar firm that has become the largest solar cell manufacturer in the world, Tongwei Solar.
