Xinhua. The Chinese government plans to use liquid biofuels produced in rural areas to cut the country’s consumption of petroleum products by 10 million tons, or more than 25%, by 2020.
China is the world’s third largest oil importer after the United State and Japan, and imported a record-high 36.38 million tons (about 267 million barrels) of refined oil products last year, 15.7% up on 2005, to fuel an estimated annual economic growth of 10.7% percent.
In his State of the Union Address this week, US President George Bush unveiled his Twenty in Ten goal—a reduction in gasoline consumption of 20% in 10 years through the use of biofuels (15%) and increased fuel efficiency (5%). (Earlier post.)