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    Estimating the long-run crude oil demand function of China: Some new evidence and policy options

    Access Status
    Fulltext not available
    Authors
    Li, S.
    Khan, S.U.
    Yao, Y.
    Chen, G.S.
    Zhang, L.
    Salim, Ruhul
    Huo, J.
    Date
    2022
    Type
    Journal Article
    
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    Citation
    Li, S. and Khan, S.U. and Yao, Y. and Chen, G.S. and Zhang, L. and Salim, R. and Huo, J. 2022. Estimating the long-run crude oil demand function of China: Some new evidence and policy options. Energy Policy. 170: ARTN 113244.
    Source Title
    Energy Policy
    DOI
    10.1016/j.enpol.2022.113244
    ISSN
    0301-4215
    Faculty
    Faculty of Business and Law
    School
    School of Accounting, Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/90061
    Collection
    • Curtin Research Publications
    Abstract

    China's remarkable economic progress over the past three decades has been complemented by massive energy consumption. Although coal has long been the primary energy source, the rise in crude oil use has been viewed as more contentious, because a large portion of crude oil is imported, whereas the economy is mostly self-sufficient in coal. We examine the role of R&D effort and self-sufficiency on China's oil import function from 1980 to 2020. Using the autoregressive distributed lag model, we find that the R&D effort raises oil imports in the long run. However, we find oil imports to be independent from self-sufficiency in the long run. We also find that China's accession to the World Trade Organization has significantly changed the cointegrating relationship in the oil import function. Our results suggest that the government should continue to incentivize energy-saving measures and fund research projects on renewable energy sources. Furthermore, deregulation in the oil market is quintessential to energy security and stable growth in the long run.

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