China Oil Imports Sink Again

November 29, 2024/in /by Rudolf Huber

Has the golden child of the world economy transformed into smelly cheese? The official figures from China are not very rosy. They are not depression territory but we can already smell it. But we know that the official figures are wrong at best, and massively hyped at worst. How much of the Chinese economy is still producing stuff that the world needs? How many Chinese companies still exist only because of massive cash injections in the form of special projects and money printing? I think that the current oil imports are still artificially high and once the Chinese economy comes down towards reality, we will see a crash in imports of everything. High oil prices? Not quite.

Year-to-date shipments are now running more than three percent behind last year's pace.

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