Dr. Hooman
Peimani
outlines the
major pipeline
projects to
watch in
China.
C
hina begins 2015 with major milestones
achieved in the preceding years to make the
widely-used term of emerging economy an
inaccurate description of its regional and
global status. Corrected in terms of purchasing power
parity, China’s GDP surpassed that of the US as the
world’s largest economy in October 2014, according
to the IMF, although the American economy is still
larger in absolute dollar terms. The country overtook
its American rival in terms of energy consumption
in 2010, with its total primary energy consumption
of 2339.6 million toe when that of the US was
2284.9 million toe. It has since retained its status as
the world’s largest energy consumer – as reflected
in its 2013 total primary energy consumption of
2852.4 million toe equal to 22.4% of the global
consumption against the US’s 2265.8 million toe equal
to 17.8% of such consumption. The two milestones
should not be a surprise, as they have been the
