"No matter if it is a white cat or a black cat; as long as it can catch mice, it is a good cat." - Deng Xiaoping
Under the cover of post-American election furore and as seamlessly as day slips into night, the world’s biggest country by population and second largest economy appointed the man that would lead it for the next decade.
59-year old Xi Jinping steps into the fray at one of the most difficult times in China’s recent history, with an increasingly irritable middle class and slowing economic growth. Energy is another headache for the Middle Kingdom with total oil consumption in 2013 expected to top 10 million barrels per day, 60 per cent of which is imported mainly from the Middle East.
Reliance on the Gulf States has left China beholden to OPEC for many a year, but with the next 5 Year Plan dedicated to the difficult and costly transition to domestic shale gas and shale oil development, will this stranglehold be loosened? There may be a long road ahead to energy independence but as long as the cat can catch mice…
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