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|BEIJING San Jose Sharks Jersey , Nov. 28 (Xinhua) -- Since China replaced the United States in 2013 as the world's largest net oil importer, falling oil prices have benefited economic development.
The Bank of America Merrill Lynch said that for every 10 percent fall in the price of oil China's GDP growth would be boosted by around 0.15 percentage points, lower consumer inflation by around 0.25 percentage points and would improve the current account balance by 0.2 percent of GDP.
Oil prices, which have lost a third of their value since June, hit fresh four-year lows on Thursday after the OPEC producer club decided not to cut output despite a huge oversupply in the world market.
The benchmark Brent crude oil has fallen to below 80 U.S. dollars a barrel Mikkel Boedker Sharks Jersey , a sharp drop from market levels of over 100 dollars three months ago.
China is dependent on imports for nearly 60 percent of its domestic oil supply. The fall in oil prices, therefore, translates into huge foreign exchange savings.
According to data from the National Bureau of Statistics, the country imported 281.92 million tonnes of crude oil in 2013, worth 219.6 billion dollars.
It means China will save up to 30 billion U.S. dollars in oil imports this year if the declining trend in oil prices continues Tim Heed Sharks Jersey , said Lin Boqiang, director of China Center for Energy Economics Research at Xiamen University.
China International Capital Corp. (CICC) expects the average oil price in 2015 to be 20 percent lower than in 2014, which would generate 47 billion dollars in trade gains for China, or 0.5 percent of GDP, and boost household income and corporate profit growth.
Lower oil prices may squeeze profit margins of oil refiners Melker Karlsson Sharks Jersey , but could significantly bring down expenditure for heavy users, such as logistics firms, airline carriers and private car users.
The nation's oil price adjustment mechanism calls for changes when international crude prices change by more than 50 yuan (8.14 dollars) per tonne during a time span of 10 working days.
China's retail fuel prices have been cut for the eighth-consecutive time since July as the government reacts to lower crude prices and the country is very likely to announce price cuts again late on Friday.
Moreover, lower oil prices will not only be passed on to downstream industries but also influence the prices of other energy and grains through the substitution effect. The impact of oil prices on agricultural product prices is more important for China than for developed countries due to the higher proportion of food consumption in the country, CICC said.
Falling oil prices will also benefit the consumer sector as lower inflation raises consumption through higher disposable incomes.
CICC noted lower oil prices will provide Chinese policymakers with more room to ease monetary policy.
Last week Kevin Labanc Sharks Jersey , the central bank cut benchmark interest rates for the first time in more than two years to support the economy, which grew at its slowest pace since the depths of the global financial crisis in the third quarter, and is likely to register its weakest annual growth rate in more than 10 years.
On the stock market, airlines surged on Friday on hopes of lower fuel costs. Air China, China Southern Airlines and China Eastern Airlines all climbed by the daily limit of 10 percent while China COSCO Holdings Company Ltd. increased 9.43 percent.
LONDON Justin Braun Sharks Jersey , Dec. 12 (Xinhua) -- The 2015 ATP overall prize money will exceed 100 million U.S. dollars, the men's professional tennis tour announced on Friday.
"The increases at ATP events are a testament to the sustained success of men's professional tennis, as well as demonstrating the ATP's confidence in the strength of its product and projected growth in future years," an ATP statement read.
The biggest increases come at the ATP World Tour Masters 1000 category, with tournaments providing annual increases of 11 percent Chris Tierney Sharks Jersey , and with the ATP contributing a further 3 percent increase, resulting in a 14 percent annual increase in that category through to 2018.
Player compensation at ATP World Tour 250 events is set to increase at an average of 3.5 percent per year during the same period.
Former South Korean President Park Geun-hye (C) is transferred in a car from Seoul to a detention house in Gyeonggi province, South Korea, on March 31, 2017. Former President Park Geun-hye of South Korea was arrested early Friday as a Seoul court approved the request from prosecutors following her impeachment earlier this month over a corruption scandal embroiling her. (XinhuaNEWSIS)
SEOUL Tomas Hertl Sharks Jersey , March 31 (Xinhua) -- Former President Park Geun-hye of South Korea was arrested early Friday as a Seoul court approved the request from prosecutors following her impeachment earlier this month over a corruption scandal embroiling her.
The court said in a statement that Park's major criminal allegations can be justified while concerns remain about a possibility of her destroying evidence.
The arrest warrant, which was sought by prosecutors earlier this week, was issued by the court following the Thursday hearing that lasted for almost nine hours, the longest-ever in the country's history.
Park became the third South Korean former leader to be taken into custody. The country's first female president became the first leader to be ousted through impeachment, which was approved by the constitutional court in a historic ruling on March 10.
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